Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | LRFC | |
Entity Registrant Name | Logan Ridge Finance Corporation | |
Entity Central Index Key | 0001571329 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,705,232 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation State Country Code | MD | |
Entity Tax Identification Number | 90-0945675 | |
Entity Address, Address Line One | 650 Madison Avenue | |
Entity Address, Address Line Two | 23rd Floor | |
Entity Address City Or Town | New York | |
Entity Address State Or Province | NY | |
Entity Address Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 891-2880 | |
Security12b Title | Common Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity File Number | 814-01022 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments at fair value: | ||
Total investments at fair value | $ 203,337 | $ 203,592 |
Cash and cash equivalents | 9,347 | 6,793 |
Interest and dividend receivable | 1,209 | 1,578 |
Prepaid expenses | 2,514 | 2,682 |
Other assets | 62 | 65 |
Total assets | 216,469 | 214,710 |
LIABILITIES | ||
2026 Notes (net of deferred financing costs and original issue discount of $1,333 and $1,421, respectively) | 48,667 | 48,579 |
2032 Convertible Notes (net of deferred financing costs and original issue discount of $1,088 and $1,117, respectively) | 13,912 | 13,883 |
KeyBank Credit Facility (net of deferred financing costs of $1,238 and $1,322, respectively) | 57,140 | 54,615 |
Management and incentive fees payable | 932 | 933 |
Interest and financing fees payable | 1,469 | 973 |
Accounts payable and accrued expenses | 516 | 722 |
Total liabilities | 122,636 | 119,705 |
Commitments and contingencies (Note 2) | ||
NET ASSETS | ||
Common stock, par value $0.01, 100,000,000 common shares authorized, 2,709,583 and 2,711,068 common shares issued and outstanding, respectively | 27 | 27 |
Additional paid in capital | 191,007 | 191,038 |
Total distributable loss | (97,201) | (96,060) |
Total net assets | 93,833 | 95,005 |
Total liabilities and net assets | $ 216,469 | $ 214,710 |
Net asset value per share | $ 34.63 | $ 35.04 |
Non-control/non-affiliate Investments | ||
Investments at fair value: | ||
Total investments at fair value | $ 176,832 | $ 177,268 |
Affiliate Investments | ||
Investments at fair value: | ||
Total investments at fair value | $ 26,505 | $ 26,324 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized cost | $ 220,478 | $ 220,516 |
Common Stock, Par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 2,709,583 | 2,711,068 |
Common Stock, Shares, Outstanding | 2,709,583 | 2,711,068 |
2026 Notes | ||
Net of deferred financing costs and original issue discount | $ 1,333 | $ 1,421 |
2032 Convertible Notes | ||
Net of deferred financing costs and original issue discount | 1,088 | 1,117 |
KeyBank Credit Facility | ||
Net of deferred financing costs | 1,238 | 1,322 |
Non-control/non-affiliate Investments | ||
Amortized cost | 192,249 | 191,435 |
Affiliate Investments | ||
Amortized cost | $ 28,229 | $ 29,081 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
Interest income: | |||||
Total interest income | $ 4,768 | $ 3,197 | |||
Payment-in-kind interest and dividend income: | |||||
Total payment-in-kind interest and dividend income | 464 | 132 | |||
Dividend income: | |||||
Total dividend income | 14 | ||||
Other income: | |||||
Total other income | 10 | 8 | |||
Total investment income | 5,256 | 3,337 | |||
EXPENSES | |||||
Interest and financing expenses | 2,069 | 2,188 | |||
Base management fee | 930 | 1,027 | |||
Directors' expense | 135 | 103 | |||
Administrative service fees | 257 | 120 | |||
General and administrative expenses | 792 | 950 | |||
Total expenses | 4,183 | 4,388 | |||
NET INVESTMENT INCOME (LOSS) | 1,073 | (1,051) | |||
Net realized loss on investments: | |||||
Net realized loss on investments | (1,506) | (36) | |||
Net change in unrealized (depreciation) appreciation on investments: | |||||
Net change in unrealized (depreciation) appreciation on investments | (217) | 229 | |||
Total net realized and change in unrealized (loss) gain on investments | (1,723) | 193 | |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ (650) | [1] | $ (858) | [2] | |
NET DECREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC & DILUTED (SEE NOTE 9) | [3] | $ (0.24) | $ (0.32) | ||
NET DECREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS -BASIC (SEE NOTE 9) | (0.24) | [1] | (0.32) | [2] | |
NET DECREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS - DILUTED (SEE NOTE 9) | $ (0.24) | $ (0.32) | |||
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC (SEE NOTE 9) | 2,710,990 | [1] | 2,711,068 | [2] | |
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – DILUTED (SEE NOTE 9) | 2,710,990 | [1] | 2,711,068 | [2] | |
DISTRIBUTIONS PAID PER SHARE | $ 0.18 | ||||
Non-control/non-affiliate Investments | |||||
Interest income: | |||||
Total interest income | $ 4,604 | $ 2,383 | |||
Payment-in-kind interest and dividend income: | |||||
Total payment-in-kind interest and dividend income | 416 | [4] | 85 | ||
Other income: | |||||
Total other income | 10 | ||||
Net realized loss on investments: | |||||
Net realized loss on investments | (1,506) | (36) | |||
Net change in unrealized (depreciation) appreciation on investments: | |||||
Net change in unrealized (depreciation) appreciation on investments | (1,250) | (1,150) | |||
Affiliate Investments | |||||
Interest income: | |||||
Total interest income | 164 | 719 | |||
Payment-in-kind interest and dividend income: | |||||
Total payment-in-kind interest and dividend income | 48 | 47 | |||
Dividend income: | |||||
Total dividend income | 14 | ||||
Other income: | |||||
Total other income | 8 | ||||
Net change in unrealized (depreciation) appreciation on investments: | |||||
Net change in unrealized (depreciation) appreciation on investments | $ 1,033 | 1,303 | |||
Control Investments | |||||
Interest income: | |||||
Total interest income | 95 | ||||
Net change in unrealized (depreciation) appreciation on investments: | |||||
Net change in unrealized (depreciation) appreciation on investments | $ 76 | ||||
[1] In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2023, conversion of the 2032 Convertible Notes int o 0.5 mil lion shares was not assumed as the effect on diluted earnings per share would be anti-dilutive. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2022 , conversion of the 0.6 million related to the 2022 Convertible Notes was not assumed as the effect on diluted earnings per share would be anti-dilutive Based on daily weighted average balance of shares of the Company’s common stock outstanding during the period. During the period ended March 31, 2023 , the Company received $ 0.2 million of non-recurring fee income that was paid in-kind and included in this financial statement line item. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Non-recurring fee income | $ 0.2 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning Balance | $ 95,005 | $ 107,029 |
Beginning Balance, shares | 2,711,068 | |
Net investment income (loss) | $ 1,073 | (1,051) |
Net realized loss on investments | (1,506) | (36) |
Net change in unrealized (depreciation) appreciation on investments | (217) | 229 |
Repurchase of common stock | $ (34) | |
Stock issued under dividend reinvestment plan, shares | 140 | |
Stock issued under dividend reinvestment plan | $ 3 | |
Distributions declared | (491) | |
Ending Balance | $ 93,833 | $ 106,171 |
Ending Balance, shares | 2,709,583 | 2,711,068 |
Common Stock | ||
Beginning Balance | $ 27 | $ 27 |
Beginning Balance, shares | 2,711,068 | 2,711,068 |
Repurchase of common stock, shares | 1,625 | |
Stock issued under dividend reinvestment plan, shares | 140 | |
Ending Balance | $ 27 | $ 27 |
Ending Balance, shares | 2,709,583 | 2,711,068 |
Additional Paid in Capital | ||
Beginning Balance | $ 191,038 | $ 188,846 |
Repurchase of common stock | (34) | |
Stock issued under dividend reinvestment plan | 3 | |
Ending Balance | 191,007 | 188,846 |
Total Distributable Loss | ||
Beginning Balance | (96,060) | (81,844) |
Net investment income (loss) | 1,073 | (1,051) |
Net realized loss on investments | (1,506) | (36) |
Net change in unrealized (depreciation) appreciation on investments | (217) | 229 |
Distributions declared | (491) | |
Ending Balance | $ (97,201) | $ (82,702) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net decrease in net assets resulting from operations | $ (650) | $ (858) |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash (used in) provided by operating activities: | ||
Purchase of investments | (7,444) | (16,393) |
Repayments and sales of investments | 6,714 | 8,401 |
Net realized (gain) loss on investments | 1,506 | 36 |
Net change in unrealized depreciation (appreciation) on investments | 217 | (229) |
Payment-in-kind interest and dividends | (464) | (132) |
Accretion of original issue discount on investments | (274) | (399) |
Amortization of deferred financing fees and original issue discount | 200 | 254 |
Changes in assets and liabilities: | ||
Interest and dividend receivable | 369 | (96) |
Prepaid expenses | 168 | 221 |
Receivable for unsettled trades | (6,401) | |
Other assets | 3 | |
Management and incentive fees payable | (1) | (38) |
Interest and financing fees payable | 496 | 684 |
Payable for unsettled trades | (7,787) | |
Accounts payable and accrued expenses | (206) | (414) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 634 | (23,151) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings under KeyBank Credit Facility | 10,000 | |
Repayments under KeyBank Credit Facility | (7,558) | |
Distributions paid to shareholders | (488) | |
Repurchase of common stock | (34) | |
Deferred financing fees paid | (67) | |
NET CASH USED IN FINANCING ACTIVITIES | 1,920 | (67) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,554 | (23,218) |
CASH AND CASH EQUIVALENTS, beginning of period | 6,793 | 39,056 |
CASH AND CASH EQUIVALENTS, end of period | 9,347 | 15,838 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest | 1,354 | $ 1,091 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS | ||
Distributions paid through dividend reinvestment plan share issuances | $ 3 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Schedule Of Investments [Line Items] | |||
Cost | $ 220,478 | $ 220,516 | |
Fair value | $ 203,337 | $ 203,592 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer | |||
Schedule Of Investments [Line Items] | |||
Par/Shares | [1],[2],[3],[4],[5],[6] | 1,253,198 | |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC First Lien Debt (12.0% Cash, Due 4/1/22) | |||
Schedule Of Investments [Line Items] | |||
Maturity | [7],[8] | Apr. 01, 2022 | |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC First Lien Debt (12.00% Cash, Due 4/1/22) | |||
Schedule Of Investments [Line Items] | |||
Maturity | [7] | Apr. 01, 2022 | |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Preferred Units (1,000 units, 8.00% PIK Dividend) | |||
Schedule Of Investments [Line Items] | |||
Interest rate, PIK | [7],[9] | 8% | |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Preferred Units (1,000units, 8.0% PIK Dividend) | |||
Schedule Of Investments [Line Items] | |||
Interest rate, PIK | [7],[8],[9] | 8% | |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Second Lien Debt (6.0% Cash, Due 4/1/22) | |||
Schedule Of Investments [Line Items] | |||
Maturity | [7],[8] | Apr. 01, 2022 | |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Second Lien Debt (6.00% Cash, Due 4/1/22) | |||
Schedule Of Investments [Line Items] | |||
Maturity | [7] | Apr. 01, 2022 | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (12.45% Cash, Due 1/4/24) | |||
Schedule Of Investments [Line Items] | |||
Maturity | [7],[8] | Jan. 04, 2024 | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (13.00% Cash, Due 1/4/24) | |||
Schedule Of Investments [Line Items] | |||
Maturity | [7] | Jan. 04, 2024 | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (6.5% Cash (1month LIBOR + 5.0%), 1.5% Floor), Due 1/4/24) | |||
Schedule Of Investments [Line Items] | |||
Reference rate and spread | [7],[8] | 5% | |
Floor | [7],[8] | 1.50% | |
Maturity | [7],[8] | Jan. 04, 2024 | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (9.66% Cash (1 month LIBOR + 5.00%), 1.50% Floor), Due 1/4/24) | |||
Schedule Of Investments [Line Items] | |||
Reference rate and spread | [7] | 5% | |
Floor | [7] | 1.50% | |
Maturity | [7] | Jan. 04, 2024 | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC Preferred Units (86,000 units, 6.00% PIK Dividend) | |||
Schedule Of Investments [Line Items] | |||
Interest rate, PIK | [7],[9] | 6% | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC Preferred Units (86,000units, 6.0% PIK Dividend) | |||
Schedule Of Investments [Line Items] | |||
Interest rate, PIK | [7],[8],[9] | 6% | |
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.0% PIK, Due 9/12/23) | |||
Schedule Of Investments [Line Items] | |||
Interest rate, PIK | [7],[8] | 15% | |
Maturity | [7],[8] | Sep. 12, 2023 | |
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.00% PIK, Due 9/12/23) | |||
Schedule Of Investments [Line Items] | |||
Interest rate, PIK | [7] | 15% | |
Maturity | [7] | Sep. 12, 2023 | |
Investment, Identifier [Axis]: Control investments Vology, Inc. First Lien Debt (10.5% Cash (1month LIBOR + 8.5%, 2.0% Floor), Due 3/31/22) | |||
Schedule Of Investments [Line Items] | |||
Reference rate and spread | [7] | 8.50% | |
Floor | [7] | 2% | |
Maturity | [7] | Mar. 31, 2022 | |
Investment, Identifier [Axis]: Investments - 214.3% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 214.30% | |
Cost | [10],[11],[12],[13],[14] | $ 220,516 | |
Fair value | [10],[11],[12],[13],[14] | $ 203,592 | |
Investment, Identifier [Axis]: Investments - 216.7% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6],[15] | 216.70% | |
Cost | [1],[2],[4],[5],[6] | $ 220,478 | |
Fair value | [1],[2],[4],[5],[6] | $ 203,337 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10],[16] | 27.70% | |
Cost | [10],[11],[12],[13],[14],[16] | $ 29,081 | |
Fair value | [10],[11],[12],[13],[14],[16] | $ 26,324 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 11.20% | |
Cost | [10],[11],[12],[13],[14] | $ 14,983 | |
Fair value | [10],[11],[12],[13],[14] | $ 10,635 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Automobile Part Manufacturer | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 1,253,198 | |
Cost | [10],[11],[12],[13],[14] | $ 1,504 | |
Fair value | [10],[11],[12],[13],[14] | $ 2,802 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Automobile Part Manufacturer | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 1,085,073 | |
Cost | [10],[11],[12],[13],[14] | $ 362 | |
Fair value | [10],[11],[12],[13],[14] | $ 2,190 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% GA Communications, Inc. - Series B-1 Advertising & Marketing Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Advertising & Marketing Services | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 200,000 | |
Cost | [10],[11],[12],[13],[14] | $ 2 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% GreenPark Infrastructure, LLC - Series M-1 Industrials | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[18],[19] | Industrials | |
Par/Shares | [10],[11],[12],[13],[14],[17],[18],[19] | 200 | |
Cost | [10],[11],[12],[13],[14],[18],[19] | $ 69 | |
Fair value | [10],[11],[12],[13],[14],[18],[19] | $ 69 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% MMI Holdings, LLC Medical Device Distributor | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Medical Device Distributor | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 45 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Nth Degree Investment Group, LLC Business Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Business Services | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 6,088,000 | |
Cost | [10],[11],[12],[13],[14] | $ 6,088 | |
Fair value | [10],[11],[12],[13],[14] | $ 5,320 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Oil & Gas Engineering and Consulting Services | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 15,068,000 | |
Cost | [10],[11],[12],[13],[14] | $ 6,958 | |
Fair value | [10],[11],[12],[13],[14] | $ 254 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% First Lien/Senior Secured Debt - 6.4% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 6.40% | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% First Lien/Senior Secured Debt - 6.4% MMI Holdings, LLC Medical Device Distributor Interest Rate 12.00% Maturity 04/01/2022 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Medical Device Distributor | |
Interest rate | [10],[11],[12],[13],[14],[20] | 12% | |
Maturity | [10],[11],[12],[13],[14] | Apr. 01, 2022 | |
Par/Shares | [10],[11],[12],[13],[14],[17] | $ 2,600 | |
Cost | [10],[11],[12],[13],[14] | 2,600 | |
Fair value | [10],[11],[12],[13],[14] | 2,600 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% | |||
Schedule Of Investments [Line Items] | |||
Cost | [10],[11],[12],[13],[14] | 6,086 | |
Fair value | [10],[11],[12],[13],[14] | $ 6,086 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% RAM Payment, LLC (First Out) Financial Services Interest Rate 9.12% Reference Rate and Spread L + 5.00% Floor 1.50% Maturity 01/04/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Financial Services | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9.12% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1.50% | |
Maturity | [10],[11],[12],[13],[14],[21] | Jan. 04, 2024 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 939 | |
Cost | [10],[11],[12],[13],[14],[21] | 939 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 939 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% RAM Payment, LLC (Last Out) Financial Services Interest Rate 12.45% Floor 1.50% Maturity 01/04/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21],[22] | Financial Services | |
Interest rate | [10],[11],[12],[13],[14],[20],[21],[22] | 12.45% | |
Floor | [10],[11],[12],[13],[14],[20],[21],[22] | 1.50% | |
Maturity | [10],[11],[12],[13],[14],[21],[22] | Jan. 04, 2024 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21],[22] | $ 2,547 | |
Cost | [10],[11],[12],[13],[14],[21],[22] | 2,547 | |
Fair value | [10],[11],[12],[13],[14],[21],[22] | $ 2,547 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Joint Ventures - 0.4% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 0.40% | |
Cost | [10],[11],[12],[13],[14] | $ 414 | |
Fair value | [10],[11],[12],[13],[14] | $ 403 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Joint Ventures - 0.4% Great Lakes Funding II LLC - Series A Financials | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19],[23] | Financials | |
Par/Shares | [10],[11],[12],[13],[14],[17],[19],[23] | 414,000 | |
Cost | [10],[11],[12],[13],[14],[19],[23] | $ 414 | |
Fair value | [10],[11],[12],[13],[14],[19],[23] | $ 403 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 8.70% | |
Cost | [10],[11],[12],[13],[14] | $ 6,716 | |
Fair value | [10],[11],[12],[13],[14] | $ 8,287 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% GA Communications, Inc. - Series A-1 Advertising & Marketing Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Advertising & Marketing Services | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 1,998 | |
Cost | [10],[11],[12],[13],[14] | $ 3,477 | |
Fair value | [10],[11],[12],[13],[14] | $ 3,562 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% GreenPark Infrastructure, LLC - Series A Industrials | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[18] | Industrials | |
Par/Shares | [10],[11],[12],[13],[14],[17],[18] | 400 | |
Cost | [10],[11],[12],[13],[14],[18] | $ 200 | |
Fair value | [10],[11],[12],[13],[14],[18] | $ 200 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% MMI Holdings, LLC Medical Device Distributor Interest Rate 8.00% PIK | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[24] | Medical Device Distributor | |
Interest rate, PIK | [10],[11],[12],[13],[14],[20],[24] | 8% | |
Par/Shares | [10],[11],[12],[13],[14],[17],[24] | 1,000 | |
Cost | [10],[11],[12],[13],[14],[24] | $ 1,904 | |
Fair value | [10],[11],[12],[13],[14],[24] | $ 1,360 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% RAM Payment, LLC Financial Services Interest Rate 6.00% PIK | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[24] | Financial Services | |
Interest rate, PIK | [10],[11],[12],[13],[14],[20],[24] | 6% | |
Par/Shares | [10],[11],[12],[13],[14],[17],[24] | 86,000 | |
Cost | [10],[11],[12],[13],[14],[24] | $ 1,135 | |
Fair value | [10],[11],[12],[13],[14],[24] | $ 3,165 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 1% | |
Cost | [10],[11],[12],[13],[14] | $ 882 | |
Fair value | [10],[11],[12],[13],[14] | $ 913 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/2022 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Medical Device Distributor | |
Interest rate | [10],[11],[12],[13],[14],[20] | 6% | |
Maturity | [10],[11],[12],[13],[14],[20] | Apr. 01, 2022 | |
Par/Shares | [10],[11],[12],[13],[14],[17] | $ 400 | |
Cost | [10],[11],[12],[13],[14] | 388 | |
Fair value | [10],[11],[12],[13],[14] | $ 400 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services Interest Rate 15.00% PIK Maturity 09/12/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[25] | Oil & Gas Engineering and Consulting Services | |
Interest rate, PIK | [10],[11],[12],[13],[14],[20],[25] | 15% | |
Maturity | [10],[11],[12],[13],[14],[25] | Sep. 12, 2023 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[25] | $ 4 | |
Cost | [10],[11],[12],[13],[14],[25] | 4 | |
Fair value | [10],[11],[12],[13],[14],[25] | $ 4 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% V12 Holdings, Inc. Data Processing & Digital Marketing | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[26] | Data Processing & Digital Marketing | |
Par/Shares | [10],[11],[12],[13],[14],[17],[26] | $ 509 | |
Cost | [10],[11],[12],[13],[14],[26] | 490 | |
Fair value | [10],[11],[12],[13],[14],[26] | $ 509 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 8.80% | |
Cost | [1],[2],[4],[5],[6] | $ 6,763 | |
Fair value | [1],[2],[4],[5],[6] | $ 8,250 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% GA Communications, Inc. - Series A-1 Advertising & Marketing Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Advertising & Marketing Services | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 1,998 | |
Cost | [1],[2],[4],[5],[6] | $ 3,476 | |
Fair value | [1],[2],[4],[5],[6] | $ 3,938 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% GreenPark Infrastructure, LLC - Series A Industrials | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[27] | Industrials | |
Par/Shares | [1],[2],[3],[4],[5],[6],[27] | 400 | |
Cost | [1],[2],[4],[5],[6],[27] | $ 200 | |
Fair value | [1],[2],[4],[5],[6],[27] | $ 200 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% MMI Holdings, LLC Medical Device Distributor Interest Rate 8.00% PIK | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[28] | Medical Device Distributor | |
Interest rate, PIK | [1],[2],[4],[5],[6],[28],[29] | 8% | |
Par/Shares | [1],[2],[3],[4],[5],[6],[28] | 1,000 | |
Cost | [1],[2],[4],[5],[6],[28] | $ 1,935 | |
Fair value | [1],[2],[4],[5],[6],[28] | $ 1,360 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% RAM Payment, LLC Interest Rate 6.00% PIK Financial Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[28] | Financial Services | |
Interest rate, PIK | [1],[2],[4],[5],[6],[28],[29] | 6% | |
Par/Shares | [1],[2],[3],[4],[5],[6],[28] | 86,000 | |
Cost | [1],[2],[4],[5],[6],[28] | $ 1,152 | |
Fair value | [1],[2],[4],[5],[6],[28] | $ 2,752 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 1% | |
Cost | [1],[2],[4],[5],[6] | $ 894 | |
Fair value | [1],[2],[4],[5],[6] | $ 913 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/2022 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Medical Device Distributor | |
Interest rate | [1],[2],[4],[5],[6],[29] | 6% | |
Maturity | [1],[2],[4],[5],[6] | Apr. 01, 2022 | |
Par/Shares | [1],[2],[4],[5],[6] | $ 400 | |
Cost | [1],[2],[4],[5],[6] | 400 | |
Fair value | [1],[2],[4],[5],[6] | $ 400 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services Interest Rate 15.00% PIK Maturity 09/12/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[30] | Oil & Gas Engineering and Consulting Services | |
Interest rate, PIK | [1],[2],[4],[5],[6],[29],[30] | 15% | |
Maturity | [1],[2],[4],[5],[6],[30] | Sep. 12, 2023 | |
Par/Shares | [1],[2],[4],[5],[6],[30] | $ 4 | |
Cost | [1],[2],[4],[5],[6],[30] | 4 | |
Fair value | [1],[2],[4],[5],[6],[30] | $ 4 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% V12 Holdings, Inc. Data Processing & Digital Marketing | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[31] | Data Processing & Digital Marketing | |
Par/Shares | [1],[2],[4],[5],[6],[31] | $ 509 | |
Cost | [1],[2],[4],[5],[6],[31] | 490 | |
Fair value | [1],[2],[4],[5],[6],[31] | $ 509 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6],[15] | 28.20% | |
Cost | [1],[2],[4],[5],[6] | $ 28,229 | |
Fair value | [1],[2],[4],[5],[6] | $ 26,505 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 12.50% | |
Cost | [1],[2],[4],[5],[6] | $ 14,983 | |
Fair value | [1],[2],[4],[5],[6] | $ 11,767 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Automobile Part Manufacturer | |
Cost | [1],[2],[4],[5],[6] | $ 1,504 | |
Fair value | [1],[2],[4],[5],[6] | $ 2,748 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Automobile Part Manufacturer | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 1,085,073 | |
Cost | [1],[2],[4],[5],[6] | $ 362 | |
Fair value | [1],[2],[4],[5],[6] | $ 2,173 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% GA Communications, Inc. - Series B-1 Advertising & Marketing Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Advertising & Marketing Services | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 200,000 | |
Cost | [1],[2],[4],[5],[6] | $ 2 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% GreenPark Infrastructure, LLC - Series M-1 Industrials | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[27],[32] | Industrials | |
Par/Shares | [1],[2],[3],[4],[5],[6],[27],[32] | 200 | |
Cost | [1],[2],[4],[5],[6],[27],[32] | $ 69 | |
Fair value | [1],[2],[4],[5],[6],[27],[32] | $ 69 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% MMI Holdings, LLC Medical Device Distributor | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Medical Device Distributor | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 45 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Nth Degree Investment Group, LLC Business Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Business Services | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 6,088,000 | |
Cost | [1],[2],[4],[5],[6] | $ 6,088 | |
Fair value | [1],[2],[4],[5],[6] | $ 6,340 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Oil & Gas Engineering and Consulting Services | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 27,396,364 | |
Cost | [1],[2],[4],[5],[6] | $ 6,958 | |
Fair value | [1],[2],[4],[5],[6] | $ 437 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 5.50% | |
Cost | [1],[2],[4],[5],[6] | $ 5,119 | |
Fair value | [1],[2],[4],[5],[6] | $ 5,119 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% MMI Holdings, LLC Medical Device Distributor Interest Rate 12.00% Maturity 04/01/2022 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Medical Device Distributor | |
Interest rate | [1],[2],[4],[5],[6],[29] | 12% | |
Maturity | [1],[2],[4],[5],[6] | Apr. 01, 2022 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 2,600 | |
Cost | [1],[2],[4],[5],[6] | 2,600 | |
Fair value | [1],[2],[4],[5],[6] | $ 2,600 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% RAM Payment, LLC (First Out) Financial Services Interest Rate 9.66% Reference Rate and Spread L + 5.00% Floor 1.50 Maturity 01/04/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Financial Services | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 9.66% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5% | |
Floor | [1],[2],[4],[5],[6],[33] | 1.50% | |
Maturity | [1],[2],[4],[5],[6],[33] | Jan. 04, 2024 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 679 | |
Cost | [1],[2],[4],[5],[6],[33] | 679 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 679 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% RAM Payment, LLC (Last Out) Financial Services Interest Rate 13.00% Floor 1.50% Maturity 01/04/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33],[34] | Financial Services | |
Interest rate | [1],[2],[4],[5],[6],[29],[33],[34] | 13% | |
Floor | [1],[2],[4],[5],[6],[33],[34] | 1.50% | |
Maturity | [1],[2],[4],[5],[6],[33],[34] | Jan. 04, 2024 | |
Par/Shares | [1],[2],[4],[5],[6],[33],[34] | $ 1,840 | |
Cost | [1],[2],[4],[5],[6],[33],[34] | 1,840 | |
Fair value | [1],[2],[4],[5],[6],[33],[34] | $ 1,840 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Joint Ventures - 0.5% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 0.50% | |
Cost | [1],[2],[4],[5],[6] | $ 470 | |
Fair value | [1],[2],[4],[5],[6] | $ 456 | |
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% Joint Ventures - 0.5% Great Lakes Funding II LLC - Series A Financials | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[35] | Financials | |
Par/Shares | [1],[2],[3],[4],[5],[6],[32],[35] | 470,000 | |
Cost | [1],[2],[4],[5],[6],[32],[35] | $ 470 | |
Fair value | [1],[2],[4],[5],[6],[32],[35] | $ 456 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 121.5% First Lien/Senior Secured Debt - 82.5% Heads Up Technologies Industrials Interest Rate 10.14% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/2028 | |||
Schedule Of Investments [Line Items] | |||
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.14% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 0.75% | |
Maturity | [10],[11],[12],[13],[14],[21] | Aug. 10, 2028 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,926 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,899 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,889 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6 Common Stock and Membership Units - 8.3% American Academy Holdings, LLC Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[18] | Healthcare | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 186.60% | |
Cost | [10],[11],[12],[13],[14] | $ 191,435 | |
Fair value | [10],[11],[12],[13],[14] | $ 177,268 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 5.20% | |
Cost | [10],[11],[12],[13],[14] | $ 6,185 | |
Fair value | [10],[11],[12],[13],[14] | $ 4,972 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 24.43% Maturity 07/17/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[23],[36] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[23],[36] | 24.43% | |
Maturity | [10],[11],[12],[13],[14],[23],[36] | Jul. 17, 2029 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[23],[36] | 7,891,000 | |
Cost | [10],[11],[12],[13],[14],[23],[36] | $ 1,723 | |
Fair value | [10],[11],[12],[13],[14],[23],[36] | $ 1,723 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% JMP Credit Advisors CLO V Ltd. Financials Interest Rate 2.16% Maturity 07/17/2030 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[23],[36] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[23],[36] | 2.16% | |
Maturity | [10],[11],[12],[13],[14],[23],[36] | Jul. 17, 2030 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[23],[36] | 7,320,000 | |
Cost | [10],[11],[12],[13],[14],[23],[36] | $ 4,462 | |
Fair value | [10],[11],[12],[13],[14],[23],[36] | $ 3,249 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 8.30% | |
Cost | [10],[11],[12],[13],[14] | $ 6,565 | |
Fair value | [10],[11],[12],[13],[14] | $ 7,896 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Alternative Biomedical Solutions, LLC - Membership Unit Warrants Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Healthcare | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 49,295 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Alternative Biomedical Solutions, LLC Healthcare | |||
Schedule Of Investments [Line Items] | |||
Par/Shares | [10],[11],[12],[13],[14],[17] | 20,092 | |
Cost | [10],[11],[12],[13],[14] | $ 800 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% American Academy Holdings, LLC Healthcare | |||
Schedule Of Investments [Line Items] | |||
Par/Shares | [10],[11],[12],[13],[14],[17],[18] | 0.05 | |
Fair value | [10],[11],[12],[13],[14],[18] | $ 196 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% American Clinical Solutions, LLC - Class A Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[18] | Healthcare | |
Par/Shares | [10],[11],[12],[13],[14],[17],[18] | 6,030,384 | |
Cost | [10],[11],[12],[13],[14],[18] | $ 3,198 | |
Fair value | [10],[11],[12],[13],[14],[18] | $ 2,462 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Aperture Dodge 18 LLC Financials | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Financials | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 2,033,247 | |
Cost | [10],[11],[12],[13],[14] | $ 2,033 | |
Fair value | [10],[11],[12],[13],[14] | $ 2,033 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% BLST Operating Company, LLC - Class A Online Merchandise Retailer | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[18] | Online Merchandise Retailer | |
Par/Shares | [10],[11],[12],[13],[14],[17],[18] | 217,013 | |
Cost | [10],[11],[12],[13],[14],[18] | $ 286 | |
Fair value | [10],[11],[12],[13],[14],[18] | $ 2,817 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Freedom Electronics, LLC Electronic Machine Repair | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Electronic Machine Repair | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 181,818 | |
Cost | [10],[11],[12],[13],[14] | $ 182 | |
Fair value | [10],[11],[12],[13],[14] | $ 271 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Healthcare Alternative Biomedical Solutions, LLC | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Healthcare | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% South Street Securities Holdings, Inc. - Warrants Financials | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Financials | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 567 | |
Cost | [10],[11],[12],[13],[14] | $ 65 | |
Fair value | [10],[11],[12],[13],[14] | $ 65 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% U.S. BioTek Laboratories, LLC - Class C Testing Laboratories | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Testing Laboratories | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 578 | |
Cost | [10],[11],[12],[13],[14] | $ 1 | |
Fair value | [10],[11],[12],[13],[14] | $ 52 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 137.70% | |
Cost | [10],[11],[12],[13],[14] | $ 136,961 | |
Fair value | [10],[11],[12],[13],[14] | $ 130,810 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 10.44% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Information Technology | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.44% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6.40% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Jul. 22, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 5,000 | |
Cost | [10],[11],[12],[13],[14],[21] | 4,918 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 4,857 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AP Core Holdings II, LLC Information Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- One | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Information Technology | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9.88% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 0.75% | |
Maturity | [10],[11],[12],[13],[14],[21] | Jul. 21, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 1,172 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,158 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,065 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AP Core Holdings II, LLC Information Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- Two | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Information Technology | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9.88% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 0.75% | |
Maturity | [10],[11],[12],[13],[14],[21] | Jul. 21, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 1,250 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,235 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,131 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accordion Partners LLC (Revolver) Industrials Interest Rate Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19] | Industrials | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20] | 6.25% | |
Floor | [10],[11],[12],[13],[14],[19],[20] | 0.75% | |
Maturity | [10],[11],[12],[13],[14],[19] | Aug. 31, 2028 | |
Cost | [10],[11],[12],[13],[14],[19] | $ 33 | |
Fair value | [10],[11],[12],[13],[14],[19] | $ (29) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accordion Partners LLC Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19],[21] | Industrials | |
Interest rate | [10],[11],[12],[13],[14],[19],[20],[21] | 10.83% | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20],[21] | 6.25% | |
Floor | [10],[11],[12],[13],[14],[19],[20],[21] | 0.75% | |
Maturity | [10],[11],[12],[13],[14],[19],[21] | Aug. 29, 2029 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[19],[21] | $ 4,565 | |
Cost | [10],[11],[12],[13],[14],[19],[21] | 4,457 | |
Fair value | [10],[11],[12],[13],[14],[19],[21] | $ 4,463 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accurate Background, LLC Information Technology Interest Rate 10.03% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 03/26/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Information Technology | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.03% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Mar. 26, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 4,458 | |
Cost | [10],[11],[12],[13],[14],[21] | 4,131 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 4,302 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Alternative Biomedical Solutions, LLC Healthcare Interest Rate 8.00% Reference Rate and Spread Floor Maturity 12/18/2022 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 8% | |
Maturity | [10],[11],[12],[13],[14] | Dec. 18, 2022 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 6,941 | |
Cost | [10],[11],[12],[13],[14],[21] | 6,941 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 5,988 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% American Academy Holdings, LLC Healthcare Interest Rate 15.38% Reference Rate and Spread L + 4.75%, 6.25% PIK Floor 1.00% Maturity 01/01/2025 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 15.38% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 4.75% | |
Reference rate and spread, PIK | [10],[11],[12],[13],[14],[20],[21] | 6.25% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Jan. 01, 2025 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,506 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,486 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,459 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% American Clinical Solutions, LLC Healthcare Interest Rate 11.27% Reference Rate and Spread L + 7.00%, 4.27% PIK Floor Maturity 12/31/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20] | 11.27% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20] | 7% | |
Reference rate and spread, PIK | [10],[11],[12],[13],[14],[20] | 4.27% | |
Maturity | [10],[11],[12],[13],[14] | Dec. 31, 2024 | |
Par/Shares | [10],[11],[12],[13],[14],[17] | $ 3,500 | |
Cost | [10],[11],[12],[13],[14] | 3,500 | |
Fair value | [10],[11],[12],[13],[14] | $ 3,203 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Beta Plus Technologies (Revolver) Financials Interest Rate Reference Rate and Spread SOFR + 4.25% Floor Maturity 07/02/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19] | Financials | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20] | 4.25% | |
Maturity | [10],[11],[12],[13],[14],[19] | Jul. 02, 2027 | |
Fair value | [10],[11],[12],[13],[14],[19] | $ (18) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Beta Plus Technologies Financials Interest Rate 8.87% Reference Rate and Spread SOFR + 4.75% Floor Maturity 07/02/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 8.87% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 4.75% | |
Maturity | [10],[11],[12],[13],[14],[21] | Jul. 02, 2029 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,993 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,937 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,918 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19] | Consumer Discretionary | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20] | 5.75% | |
Floor | [10],[11],[12],[13],[14],[19],[20] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19] | Oct. 21, 2026 | |
Cost | [10],[11],[12],[13],[14],[19] | $ 18 | |
Fair value | [10],[11],[12],[13],[14],[19] | $ (71) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Bradshaw International, Inc. Consumer Discretionary Interest Rate 10.19% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Consumer Discretionary | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.19% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5.75% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Oct. 21, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 501 | |
Cost | [10],[11],[12],[13],[14],[21] | 491 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 462 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% CIMSense Financials Interest Rate 9.92% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/17/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9.92% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Dec. 17, 2026 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,921 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,902 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,772 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[19],[20] | 10.70% | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20] | 6% | |
Floor | [10],[11],[12],[13],[14],[19],[20] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19] | Oct. 30, 2026 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[19] | $ 300 | |
Cost | [10],[11],[12],[13],[14],[19] | 287 | |
Fair value | [10],[11],[12],[13],[14],[19] | $ 287 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Critical Nurse Staffing, LLC Healthcare Interest Rate 10.48% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[19],[20],[21] | 10.48% | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20],[21] | 6% | |
Floor | [10],[11],[12],[13],[14],[19],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19],[21] | Oct. 30, 2026 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[19],[21] | $ 5,864 | |
Cost | [10],[11],[12],[13],[14],[19],[21] | 5,771 | |
Fair value | [10],[11],[12],[13],[14],[19],[21] | $ 5,765 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Datalink, LLC Healthcare Interest Rate 11.48% Reference Rate and Spread L + 6.75% Floor 1.00% Maturity 11/23/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 11.48% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6.75% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Nov. 23, 2026 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 5,843 | |
Cost | [10],[11],[12],[13],[14],[21] | 5,843 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 5,799 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dentive, LLC (Revolver) Healthcare Interest Rate Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19] | Healthcare | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20] | 7% | |
Floor | [10],[11],[12],[13],[14],[19],[20] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19] | Dec. 26, 2028 | |
Cost | [10],[11],[12],[13],[14],[19] | $ 6 | |
Fair value | [10],[11],[12],[13],[14],[19] | $ (6) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dentive, LLC Healthcare Interest Rate 11.53% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[19],[20],[21] | 11.53% | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20],[21] | 7% | |
Floor | [10],[11],[12],[13],[14],[19],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19],[21] | Dec. 26, 2028 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[19],[21] | $ 1,215 | |
Cost | [10],[11],[12],[13],[14],[19],[21] | 1,170 | |
Fair value | [10],[11],[12],[13],[14],[19],[21] | $ 1,170 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dodge Data & Analytics LLC Information Technology Interest Rate 9.79% Reference Rate and Spread SOFR + 4.75% Floor 1.00% Maturity 02/12/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Information Technology | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9.79% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 4.75% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Feb. 12, 2029 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 1,493 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,473 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,183 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Epic Staffing Group Industrials Interest Rate 10.40% Reference Rate and Spread SOFR + 6.00% Floor Maturity 06/28/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19],[21] | Industrials | |
Interest rate | [10],[11],[12],[13],[14],[19],[20],[21] | 10.40% | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20],[21] | 6% | |
Maturity | [10],[11],[12],[13],[14],[19],[21] | Jun. 28, 2029 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[19],[21] | $ 4,107 | |
Cost | [10],[11],[12],[13],[14],[19],[21] | 3,831 | |
Fair value | [10],[11],[12],[13],[14],[19],[21] | $ 3,856 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Florida Food Products, LLC Consumer Staples Interest Rate 9.32% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Consumer Staples | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9.32% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 0.75% | |
Maturity | [10],[11],[12],[13],[14],[21] | Oct. 18, 2028 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,000 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,888 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,928 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Fortis Payment Solutions Financials Interest Rate 9.93% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9.93% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5.25% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Feb. 13, 2026 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,918 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,903 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,886 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Grindr Capital, LLC Information Technology Interest Rate 12.52% Reference Rate and Spread SOFR + 8.00% Floor Maturity 11/14/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Information Technology | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 12.52% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 8% | |
Maturity | [10],[11],[12],[13],[14],[21] | Nov. 14, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,000 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,981 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,988 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% HUMC Opco, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 12.22% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 8% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 3% | |
Maturity | [10],[11],[12],[13],[14],[21] | Nov. 04, 2023 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 3,967 | |
Cost | [10],[11],[12],[13],[14],[21] | 3,967 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 3,927 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Heads Up Technologies Industrials Interest Rate 10.14% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Industrials | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Hudson Hospital OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 12.22% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 8% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 3% | |
Maturity | [10],[11],[12],[13],[14],[21] | Nov. 04, 2023 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,380 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,380 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,380 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% IJKG OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 12.22% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 8% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 3% | |
Maturity | [10],[11],[12],[13],[14],[21] | Nov. 04, 2023 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 1,020 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,020 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,020 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% JO ET Holdings Limited Information Technology Interest Rate 17.53% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Information Technology | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 17.53% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6% | |
Reference rate and spread, PIK | [10],[11],[12],[13],[14],[20],[21] | 7% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Dec. 15, 2026 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 1,063 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,047 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,049 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Entertainment | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 11.62% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 7.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 2% | |
Maturity | [10],[11],[12],[13],[14],[21] | May 01, 2024 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 7,855 | |
Cost | [10],[11],[12],[13],[14],[21] | 7,855 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 7,459 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.32% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19] | Consumer Discretionary | |
Interest rate | [10],[11],[12],[13],[14],[19],[20] | 10.32% | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20] | 6% | |
Floor | [10],[11],[12],[13],[14],[19],[20] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19] | Nov. 23, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[19] | $ 436 | |
Cost | [10],[11],[12],[13],[14],[19] | 425 | |
Fair value | [10],[11],[12],[13],[14],[19] | $ 405 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Keg Logistics LLC Consumer Discretionary Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Consumer Discretionary | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.70% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Nov. 23, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 7,460 | |
Cost | [10],[11],[12],[13],[14],[21] | 7,368 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 7,198 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Lucky Bucks, LLC Consumer Discretionary Interest Rate 10.43% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Consumer Discretionary | |
Interest rate | [10],[11],[12],[13],[14],[20] | 10.43% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20] | 5.50% | |
Floor | [10],[11],[12],[13],[14],[20] | 0.75% | |
Maturity | [10],[11],[12],[13],[14] | Jul. 21, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17] | $ 2,850 | |
Cost | [10],[11],[12],[13],[14] | 2,806 | |
Fair value | [10],[11],[12],[13],[14] | $ 1,679 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Marble Point Credit Management LLC (Revolver) Financials Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 08/11/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19] | Financials | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20] | 6% | |
Floor | [10],[11],[12],[13],[14],[19],[20] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19] | Aug. 11, 2028 | |
Cost | [10],[11],[12],[13],[14],[19] | $ 20 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Marble Point Credit Management LLC Financials Interest Rate 10.75% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 08/11/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.75% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Aug. 11, 2028 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 5,504 | |
Cost | [10],[11],[12],[13],[14],[21] | 5,382 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 5,504 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Material Handling Systems, Inc. Industrials Interest Rate 10.08% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 06/08/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Industrials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.08% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Jun. 08, 2029 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 1,995 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,800 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,736 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Money Transfer Acquisition Inc. Financials Interest Rate 12.67% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 12.67% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 8.25% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Dec. 14, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 7,000 | |
Cost | [10],[11],[12],[13],[14],[21] | 6,861 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 6,860 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Neptune BidCo US Inc. Communication Services Interest Rate 8.82% Reference Rate and Spread SOFR + 5.00% Maturity 04/11/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Communication Services | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 8.82% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5% | |
Maturity | [10],[11],[12],[13],[14],[21] | Apr. 11, 2029 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 1,000 | |
Cost | [10],[11],[12],[13],[14],[21] | 891 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 896 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Patriot Pickle, Inc. Consumer Staples Interest Rate 10.16% Reference Rate and Spread SOFR + 5.43% Maturity 04/13/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Consumer Staples | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.16% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5.43% | |
Maturity | [10],[11],[12],[13],[14],[21] | Apr. 13, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,919 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,898 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,897 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Premier Imaging, LLC Healthcare Interest Rate 10.13% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 01/02/2025 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[19],[20],[21] | 10.13% | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20],[21] | 5.75% | |
Floor | [10],[11],[12],[13],[14],[19],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19],[21] | Jan. 02, 2025 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[19],[21] | $ 2,596 | |
Cost | [10],[11],[12],[13],[14],[19],[21] | 2,566 | |
Fair value | [10],[11],[12],[13],[14],[19],[21] | $ 2,537 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% RN Enterprises, LLC Healthcare Interest Rate 10.78% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/2025 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.78% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Dec. 23, 2025 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 980 | |
Cost | [10],[11],[12],[13],[14],[21] | 960 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 960 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% STG Logistics Industrials Interest Rate 10.32% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Industrials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10.32% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 0.75% | |
Maturity | [10],[11],[12],[13],[14],[21] | Mar. 24, 2028 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,494 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,418 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,447 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[37] | Healthcare Management | |
Maturity | [10],[11],[12],[13],[14],[37] | Nov. 04, 2023 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[37] | $ 11,935 | |
Cost | [10],[11],[12],[13],[14],[37] | 11,935 | |
Fair value | [10],[11],[12],[13],[14],[37] | $ 9,695 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Shock Doctor, Inc. Consumer Discretionary Interest Rate 9.37% Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 05/14/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Consumer Discretionary | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9.37% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 5% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | May 14, 2024 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 2,269 | |
Cost | [10],[11],[12],[13],[14],[21] | 2,262 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,232 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 9% | |
Maturity | [10],[11],[12],[13],[14],[21] | Sep. 20, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 450 | |
Cost | [10],[11],[12],[13],[14],[21] | 380 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 372 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Symplr Software, Inc. Healthcare Interest Rate 8.69% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Healthcare | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 8.69% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 4.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 0.75% | |
Maturity | [10],[11],[12],[13],[14],[21] | Dec. 22, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 1,687 | |
Cost | [10],[11],[12],[13],[14],[21] | 1,684 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 1,417 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[19] | Financials | |
Reference rate and spread | [10],[11],[12],[13],[14],[19],[20] | 6% | |
Floor | [10],[11],[12],[13],[14],[19],[20] | 1% | |
Maturity | [10],[11],[12],[13],[14],[19] | Oct. 02, 2027 | |
Cost | [10],[11],[12],[13],[14],[19] | $ 2 | |
Fair value | [10],[11],[12],[13],[14],[19] | $ (4) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Wealth Enhancement Group, LLC Financials Interest Rate 10.00% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Financials | |
Interest rate | [10],[11],[12],[13],[14],[20],[21] | 10% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21] | 6% | |
Floor | [10],[11],[12],[13],[14],[20],[21] | 1% | |
Maturity | [10],[11],[12],[13],[14],[21] | Oct. 02, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 6,959 | |
Cost | [10],[11],[12],[13],[14],[21] | 6,933 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 6,897 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 2.30% | |
Cost | [10],[11],[12],[13],[14] | $ 7,752 | |
Fair value | [10],[11],[12],[13],[14] | $ 2,188 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series A Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Healthcare | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 15,553 | |
Cost | [10],[11],[12],[13],[14] | $ 1,276 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series B Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Healthcare | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 54,084 | |
Cost | [10],[11],[12],[13],[14] | $ 3,949 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series C Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Healthcare | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 78,900 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% American Academy Holdings, LLC Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[18] | Healthcare | |
Par/Shares | [10],[11],[12],[13],[14],[17],[18] | 102,261 | |
Fair value | [10],[11],[12],[13],[14],[18] | $ 118 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Jurassic Quest Holdings, LLC Entertainment | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[18] | Entertainment | |
Par/Shares | [10],[11],[12],[13],[14],[17],[18] | 467,784 | |
Cost | [10],[11],[12],[13],[14],[18] | $ 480 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% MicroHoldco, LLC General Industrial | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[26] | General Industrial | |
Par/Shares | [10],[11],[12],[13],[14],[17],[26] | 740,237 | |
Cost | [10],[11],[12],[13],[14],[26] | $ 749 | |
Fair value | [10],[11],[12],[13],[14],[26] | $ 641 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Taylor Precision Products, Inc. - Series C Household Product Manufacturer | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Household Product Manufacturer | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 379 | |
Cost | [10],[11],[12],[13],[14] | $ 758 | |
Fair value | [10],[11],[12],[13],[14] | $ 758 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% U.S. BioTek Laboratories, LLC - Class A Testing Laboratories | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Testing Laboratories | |
Par/Shares | [10],[11],[12],[13],[14],[17] | 500 | |
Cost | [10],[11],[12],[13],[14] | $ 540 | |
Fair value | [10],[11],[12],[13],[14] | $ 671 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 5.90% | |
Cost | [10],[11],[12],[13],[14] | $ 7,401 | |
Fair value | [10],[11],[12],[13],[14] | $ 5,551 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21] | Healthcare | |
Interest rate, PIK | [10],[11],[12],[13],[14],[20],[21] | 14.50% | |
Maturity | [10],[11],[12],[13],[14],[21] | Mar. 01, 2028 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21] | $ 3,584 | |
Cost | [10],[11],[12],[13],[14],[21] | 3,502 | |
Fair value | [10],[11],[12],[13],[14],[21] | $ 2,912 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 12.94% Reference Rate and Spread L + 8.50% Floor 0.50% Maturity 08/28/2025 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14],[21],[38] | Online Merchandise Retailer | |
Interest rate | [10],[11],[12],[13],[14],[20],[21],[38] | 12.94% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20],[21],[38] | 8.50% | |
Floor | [10],[11],[12],[13],[14],[20],[21],[38] | 0.50% | |
Maturity | [10],[11],[12],[13],[14],[21],[38] | Aug. 28, 2025 | |
Par/Shares | [10],[11],[12],[13],[14],[17],[21],[38] | $ 912 | |
Cost | [10],[11],[12],[13],[14],[21],[38] | 912 | |
Fair value | [10],[11],[12],[13],[14],[21],[38] | $ 884 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% Ivanti Software, Inc. Information Technology Interest Rate 12.01% Reference Rate and Spread L + 7.25% Floor 0.50% Maturity 12/01/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Information Technology | |
Interest rate | [10],[11],[12],[13],[14],[20] | 12.01% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20] | 7.25% | |
Floor | [10],[11],[12],[13],[14],[20] | 0.50% | |
Maturity | [10],[11],[12],[13],[14] | Dec. 01, 2028 | |
Par/Shares | [10],[11],[12],[13],[14],[17] | $ 3,000 | |
Cost | [10],[11],[12],[13],[14] | 2,987 | |
Fair value | [10],[11],[12],[13],[14] | $ 1,755 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[5],[6],[10] | 27.20% | |
Cost | [10],[11],[12],[13],[14] | $ 26,571 | |
Fair value | [10],[11],[12],[13],[14] | $ 25,851 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Eastport Holdings, LLC Business Services Interest Rate 13.17% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Business Services | |
Interest rate | [10],[11],[12],[13],[14],[20] | 13.17% | |
Reference rate and spread | [10],[11],[12],[13],[14],[20] | 8.50% | |
Floor | [10],[11],[12],[13],[14],[20] | 1% | |
Maturity | [10],[11],[12],[13],[14] | Sep. 29, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17] | $ 19,250 | |
Cost | [10],[11],[12],[13],[14] | 19,250 | |
Fair value | [10],[11],[12],[13],[14] | $ 19,250 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Lucky Bucks, LLC Consumer Discretionary Interest Rate 12.50% PIK Maturity 05/29/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Consumer Discretionary | |
Interest rate, PIK | [10],[11],[12],[13],[14],[20] | 12.50% | |
Maturity | [10],[11],[12],[13],[14] | May 29, 2028 | |
Par/Shares | [10],[11],[12],[13],[14],[17] | $ 2,261 | |
Cost | [10],[11],[12],[13],[14] | 2,227 | |
Fair value | [10],[11],[12],[13],[14] | $ 1,600 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [10],[11],[12],[13],[14] | Textile Equipment Manufacturer | |
Interest rate | [10],[11],[12],[13],[14],[20] | 5% | |
Maturity | [10],[11],[12],[13],[14] | Oct. 29, 2027 | |
Par/Shares | [10],[11],[12],[13],[14],[17] | $ 5,094 | |
Cost | [10],[11],[12],[13],[14] | 5,094 | |
Fair value | [10],[11],[12],[13],[14] | $ 5,001 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 188.50% | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Common Stock and Membership Units - 7.9% Aperture Dodge 18 LLC Financials | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Financials | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 2,033,247 | |
Cost | [1],[2],[4],[5],[6] | $ 2,033 | |
Fair value | [1],[2],[4],[5],[6] | $ 2,033 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 141.10% | |
Cost | [1],[2],[4],[5],[6] | $ 139,185 | |
Fair value | [1],[2],[4],[5],[6] | $ 132,444 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 11.06% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 11.06% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 6.40% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Jul. 22, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 4,988 | |
Cost | [1],[2],[4],[5],[6],[33] | 4,910 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 4,877 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AP Core Holdings II, LLC Information Technology Interest Rate 10.34% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.34% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.50% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 0.75% | |
Maturity | [1],[2],[4],[5],[6],[33] | Jul. 21, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,156 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,143 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,127 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AP Core Holdings II, LLC Two Information Technology Interest Rate 10.34% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- Two | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.34% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.50% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 0.75% | |
Maturity | [1],[2],[4],[5],[6],[33] | Jul. 21, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,250 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,236 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,220 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Accordion Partners LLC Industrials Interest Rate 11.17% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[33] | Industrials | |
Interest rate | [1],[2],[4],[5],[6],[29],[32],[33] | 11.17% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32],[33] | 6.25% | |
Floor | [1],[2],[4],[5],[6],[29],[32],[33] | 0.75% | |
Maturity | [1],[2],[4],[5],[6],[32],[33] | Aug. 29, 2029 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[32],[33] | $ 4,952 | |
Cost | [1],[2],[4],[5],[6],[32],[33] | 4,844 | |
Fair value | [1],[2],[4],[5],[6],[32],[33] | $ 4,850 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Accurate Background, LLC Information Technology Interest Rate 11.16% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 03/26/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 11.16% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 6% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Mar. 26, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 4,447 | |
Cost | [1],[2],[4],[5],[6],[33] | 4,140 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 4,302 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Alternative Biomedical Solutions, LLC Healthcare Interest Rate 8.00% Maturity 06/30/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29] | 8% | |
Maturity | [1],[2],[4],[5],[6] | Jun. 30, 2023 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 7,103 | |
Cost | [1],[2],[4],[5],[6] | 7,103 | |
Fair value | [1],[2],[4],[5],[6] | $ 6,183 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% American Academy Holdings, LLC Interest Rate 15.84% Reference Rate and Spread L + 5.75%, 5.25% PIK Floor 1.00% Maturity 01/01/2025 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 15.84% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.75% | |
Reference rate and spread, PIK | [1],[2],[4],[5],[6],[29],[33] | 5.25% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Jan. 01, 2025 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,536 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,517 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,523 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% BetaNXT, Inc. (Revolver) Financials Interest Rate 9.15% Reference Rate and Spread SOFR + 4.25% Floor Maturity 07/01/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[29],[32],[33] | 9.15% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32] | 4.25% | |
Maturity | [1],[2],[4],[5],[6],[32] | Jul. 01, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[32] | $ 137 | |
Cost | [1],[2],[4],[5],[6] | 137 | |
Fair value | [1],[2],[4],[5],[6],[32] | $ 100 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% BetaNXT, Inc. Financials Interest Rate 10.42% Reference Rate and Spread SOFR + 5.75% Floor Maturity 07/01/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.42% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.75% | |
Maturity | [1],[2],[4],[5],[6],[33] | Jul. 01, 2029 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,985 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,812 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,743 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Bradshaw International, Inc. Consumer Discretionary Interest Rate 10.63% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Consumer Discretionary | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.63% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.75% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Oct. 21, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 500 | |
Cost | [1],[2],[4],[5],[6],[33] | 490 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 462 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% CIMSense Financials Interest Rate 10.54% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/17/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.54% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.50% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Dec. 17, 2026 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,915 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,897 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,784 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.95% Reference Rate and Spread L + 6.00% Floor Maturity 10/30/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[32] | 10.95% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32] | 6% | |
Floor | [1],[2],[4],[5],[6],[29],[32] | 1% | |
Maturity | [1],[2],[4],[5],[6],[32] | Oct. 30, 2026 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[32] | $ 760 | |
Cost | [1],[2],[4],[5],[6],[32] | 747 | |
Fair value | [1],[2],[4],[5],[6],[32] | $ 755 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Critical Nurse Staffing, LLC Healthcare Interest Rate 10.80% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[32],[33] | 10.80% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32],[33] | 6% | |
Floor | [1],[2],[4],[5],[6],[29],[32],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[32],[33] | Oct. 30, 2026 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[32],[33] | $ 5,849 | |
Cost | [1],[2],[4],[5],[6],[32],[33] | 5,762 | |
Fair value | [1],[2],[4],[5],[6],[32],[33] | $ 5,810 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Datalink, LLC Healthcare Interest Rate 11.80% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 11.80% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 6.75% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Nov. 23, 2026 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 5,827 | |
Cost | [1],[2],[4],[5],[6],[33] | 5,827 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 5,804 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Datalink, LLC Healthcare Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/2028 | |||
Schedule Of Investments [Line Items] | |||
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 11.90% | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dentive, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/23/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[39] | Healthcare | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32],[39] | 7% | |
Floor | [1],[2],[4],[5],[6],[29],[32],[39] | 1% | |
Maturity | [1],[2],[4],[5],[6],[32],[39] | Dec. 23, 2028 | |
Cost | [1],[2],[4],[5],[6],[32],[39] | $ 5 | |
Fair value | [1],[2],[4],[5],[6],[32],[39] | $ (6) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dentive, LLC Healthcare Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Healthcare | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 7% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Dec. 26, 2028 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,215 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,172 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,161 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dodge Data & Analytics LLC Information Technology Interest Rate 9.79% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/12/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29],[32],[33] | 9.79% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 4.75% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 0.50% | |
Maturity | [1],[2],[4],[5],[6],[33] | Feb. 12, 2029 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,489 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,470 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,260 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Epic Staffing Group Industrials Interest Rate 10.64% Reference Rate and Spread SOFR + 5.75% Maturity 06/28/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[33] | Industrials | |
Interest rate | [1],[2],[4],[5],[6],[29],[32],[33] | 10.64% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32],[33] | 5.75% | |
Maturity | [1],[2],[4],[5],[6],[32],[33] | Jun. 28, 2029 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[32],[33] | $ 4,097 | |
Cost | [1],[2],[4],[5],[6],[32],[33] | 3,834 | |
Fair value | [1],[2],[4],[5],[6],[32],[33] | $ 3,907 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Florida Food Products, LLC Consumer Staples Interest Rate 9.81% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[33] | Consumer Staples | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 9.81% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 0.75% | |
Maturity | [1],[2],[4],[5],[6],[33] | Oct. 18, 2028 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,995 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,888 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,936 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Fortis Payment Solutions Financials Interest Rate 10.25% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.25% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.25% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Feb. 13, 2026 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,911 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,897 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,893 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Grindr Capital, LLC Information Technology Interest Rate 13.02% Reference Rate and Spread SOFR + 8.00% Maturity 11/15/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 13.02% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 8% | |
Maturity | [1],[2],[4],[5],[6],[33] | Nov. 15, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,000 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,982 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,980 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% HUMC Opco, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 12.77% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 8% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 3% | |
Maturity | [1],[2],[4],[5],[6],[33] | Nov. 04, 2023 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 3,913 | |
Cost | [1],[2],[4],[5],[6],[33] | 3,913 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 3,874 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Heads Up Technologies Industrials Interest Rate 10.55% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Industrials | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.55% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.50% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 0.75% | |
Maturity | [1],[2],[4],[5],[6],[33] | Aug. 10, 2028 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,919 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,892 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,875 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Hudson Hospital OpCo, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 12.77% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 8% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 3% | |
Maturity | [1],[2],[4],[5],[6],[33] | Nov. 04, 2023 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 3,060 | |
Cost | [1],[2],[4],[5],[6],[33] | 3,060 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 3,032 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% IJKG OpCo, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 12.77% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 8% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 3% | |
Maturity | [1],[2],[4],[5],[6],[33] | Nov. 04, 2023 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,040 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,040 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,022 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% JO ET Holdings Limited Information Technology Interest Rate 18.03% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 18.03% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 6% | |
Reference rate and spread, PIK | [1],[2],[4],[5],[6],[29],[33] | 7% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Dec. 15, 2026 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,079 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,064 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,072 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Entertainment | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 11.62% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 7.50% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 2% | |
Maturity | [1],[2],[4],[5],[6],[33] | May 01, 2024 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 7,730 | |
Cost | [1],[2],[4],[5],[6],[33] | 7,730 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 7,577 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.91% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Consumer Discretionary | |
Interest rate | [1],[2],[4],[5],[6],[29] | 10.91% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29] | 6% | |
Floor | [1],[2],[4],[5],[6],[29] | 1% | |
Maturity | [1],[2],[4],[5],[6] | Nov. 23, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 872 | |
Cost | [1],[2],[4],[5],[6] | 862 | |
Fair value | [1],[2],[4],[5],[6] | $ 847 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Keg Logistics LLC Consumer Discretionary Interest Rate 10.93% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Consumer Discretionary | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.93% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 6% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Nov. 23, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 7,441 | |
Cost | [1],[2],[4],[5],[6],[33] | 7,354 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 7,226 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Lucky Bucks, LLC Consumer Discretionary Interest Rate 10.43% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Consumer Discretionary | |
Interest rate | [1],[2],[4],[5],[6],[29] | 10.43% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29] | 5.50% | |
Floor | [1],[2],[4],[5],[6],[29] | 0.75% | |
Maturity | [1],[2],[4],[5],[6] | Jul. 21, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 2,955 | |
Cost | [1],[2],[4],[5],[6] | 2,914 | |
Fair value | [1],[2],[4],[5],[6] | $ 946 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Material Handling Systems, Inc. Industrials Interest Rate 12.37% Reference Rate and Spread P + 4.56% Floor 1.00% Maturity 06/08/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Industrials | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 12.37% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 4.56% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Jun. 08, 2029 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,990 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,803 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,756 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Money Transfer Acquisition Inc. Financials Interest Rate 13.16% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33],[39] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[29],[33],[39] | 13.16% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 8.25% | |
Floor | [1],[2],[4],[5],[6],[29],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Dec. 14, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 6,956 | |
Cost | [1],[2],[4],[5],[6],[33] | 6,825 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 6,826 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Neptune BidCo US Inc. Communication Services Interest Rate 9.74% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Communication Services | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 9.74% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5% | |
Floor | [1],[2],[4],[5],[6],[33],[39] | 0.50% | |
Maturity | [1],[2],[4],[5],[6],[33] | Apr. 11, 2029 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,000 | |
Cost | [1],[2],[4],[5],[6],[33] | 895 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 902 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Patriot Pickle, Inc. Consumer Staples Interest Rate 9.55% Reference Rate and Spread SOFR + 4.50% Maturity 04/13/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Consumer Staples | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 9.55% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 4.50% | |
Maturity | [1],[2],[4],[5],[6],[33] | Apr. 13, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,911 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,891 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,875 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Premier Imaging, LLC Healthcare Interest Rate 10.84% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 01/02/2025 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[32],[33] | 10.84% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32],[33] | 6% | |
Floor | [1],[2],[4],[5],[6],[32],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[32],[33] | Jan. 02, 2025 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[32],[33] | $ 2,590 | |
Cost | [1],[2],[4],[5],[6],[32],[33] | 2,562 | |
Fair value | [1],[2],[4],[5],[6],[32],[33] | $ 2,525 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% RN Enterprises, LLC Healthcare Interest Rate 11.32% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/2025 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 11.32% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 6.50% | |
Floor | [1],[2],[4],[5],[6],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Dec. 23, 2025 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,980 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,943 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,940 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% STG Logistics Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Industrials | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.83% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 6% | |
Floor | [1],[2],[4],[5],[6],[33] | 0.75% | |
Maturity | [1],[2],[4],[5],[6],[33] | Mar. 24, 2028 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,481 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,410 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,429 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/2023 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[40] | Healthcare Management | |
Maturity | [1],[2],[4],[5],[6],[40] | Nov. 04, 2023 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[40] | $ 11,935 | |
Cost | [1],[2],[4],[5],[6],[40] | 11,935 | |
Fair value | [1],[2],[4],[5],[6],[40] | $ 9,392 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Shock Doctor, Inc. Consumer Discretionary Interest Rate 10.20% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 05/14/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Consumer Discretionary | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.20% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 5.25% | |
Floor | [1],[2],[4],[5],[6],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | May 14, 2024 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,679 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,672 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,639 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[29] | 9% | |
Maturity | [1],[2],[4],[5],[6] | Sep. 20, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 450 | |
Cost | [1],[2],[4],[5],[6] | 383 | |
Fair value | [1],[2],[4],[5],[6] | $ 369 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Symplr Software, Inc. Healthcare Interest Rate 9.28% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 9.28% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 4.50% | |
Floor | [1],[2],[4],[5],[6],[33] | 0.75% | |
Maturity | [1],[2],[4],[5],[6],[33] | Dec. 22, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 1,683 | |
Cost | [1],[2],[4],[5],[6],[33] | 1,680 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 1,508 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Taoglas Group Holdings Limited (Revolver) Information Technology Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 02/28/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[39] | Information Technology | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[39] | 7% | |
Floor | [1],[2],[4],[5],[6],[39] | 1% | |
Maturity | [1],[2],[4],[5],[6],[39] | Feb. 28, 2029 | |
Cost | [1],[2],[4],[5],[6],[39] | $ 19 | |
Fair value | [1],[2],[4],[5],[6],[39] | $ (19) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Taoglas Group Holdings Limited Information Technology Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 02/28/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 11.90% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 7% | |
Floor | [1],[2],[4],[5],[6],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Feb. 28, 2029 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 2,355 | |
Cost | [1],[2],[4],[5],[6],[33] | 2,285 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 2,284 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[39] | Financials | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32],[39] | 6% | |
Floor | [1],[2],[4],[5],[6],[32],[39] | 1% | |
Maturity | [1],[2],[4],[5],[6],[32],[39] | Oct. 02, 2027 | |
Cost | [1],[2],[4],[5],[6],[32],[39] | $ 2 | |
Fair value | [1],[2],[4],[5],[6],[32],[39] | $ (1) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Wealth Enhancement Group, LLC Financials Interest Rate 10.89% Reference Rate and Spread SOFR + 6.01% Floor 1.00% Maturity 10/02/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 10.89% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 6.01% | |
Floor | [1],[2],[4],[5],[6],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Oct. 02, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 6,941 | |
Cost | [1],[2],[4],[5],[6],[33] | 6,916 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 6,930 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt – 141.1% Accordion Partners LLC (Revolver) Industrials Reference Rate 11.06% and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32] | Industrials | |
Interest rate | [1],[2],[4],[5],[6],[29],[32] | 11.06% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32] | 6.25% | |
Floor | [1],[2],[4],[5],[6],[29],[32] | 0.75% | |
Maturity | [1],[2],[4],[5],[6],[32] | Aug. 31, 2028 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[32] | $ 383 | |
Cost | [1],[2],[4],[5],[6],[32] | 352 | |
Fair value | [1],[2],[4],[5],[6],[32] | $ 354 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Preferred Stock and Units - 2.4% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 2.40% | |
Cost | [1],[2],[4],[5],[6] | $ 7,754 | |
Fair value | [1],[2],[4],[5],[6] | $ 2,250 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Preferred Stock and Units - 2.4% U.S. BioTek Laboratories, LLC - Class A Testing Laboratories | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Testing Laboratories | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 500 | |
Cost | [1],[2],[4],[5],[6] | $ 540 | |
Fair value | [1],[2],[4],[5],[6] | $ 518 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Healthcare | |
Interest rate, PIK | [1],[2],[4],[5],[6],[29] | 14.50% | |
Maturity | [1],[2],[4],[5],[6] | Mar. 01, 2028 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 3,712 | |
Cost | [1],[2],[4],[5],[6] | 3,634 | |
Fair value | [1],[2],[4],[5],[6] | $ 3,165 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 13.17% Reference Rate and Spread L + 8.50% Floor 0.50% Maturity 08/28/2025 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33],[41] | Online Merchandise Retailer | |
Interest rate | [1],[2],[4],[5],[6],[29],[33],[41] | 13.17% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33],[41] | 8.50% | |
Floor | [1],[2],[4],[5],[6],[33],[41] | 1.50% | |
Maturity | [1],[2],[4],[5],[6],[33],[41] | Aug. 28, 2025 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33],[41] | $ 929 | |
Cost | [1],[2],[4],[5],[6],[33],[41] | 929 | |
Fair value | [1],[2],[4],[5],[6],[33],[41] | $ 873 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% Ivanti Software, Inc. Information Technology Interest Rate 12.21% Reference Rate and Spread L + 7.25% Floor 0.50% Maturity 12/01/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Information Technology | |
Interest rate | [1],[2],[4],[5],[6],[29] | 12.21% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29] | 7.25% | |
Floor | [1],[2],[4],[5],[6] | 0.50% | |
Maturity | [1],[2],[4],[5],[6] | Dec. 01, 2028 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 3,000 | |
Cost | [1],[2],[4],[5],[6] | 2,987 | |
Fair value | [1],[2],[4],[5],[6] | $ 1,824 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 26.30% | |
Cost | [1],[2],[4],[5],[6] | $ 26,573 | |
Fair value | [1],[2],[4],[5],[6] | $ 24,696 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Eastport Holdings, LLC Business Services Interest Rate 13.67% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[33] | Business Services | |
Interest rate | [1],[2],[4],[5],[6],[29],[33] | 13.67% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[33] | 8.50% | |
Floor | [1],[2],[4],[5],[6],[33] | 1% | |
Maturity | [1],[2],[4],[5],[6],[33] | Sep. 29, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[33] | $ 19,250 | |
Cost | [1],[2],[4],[5],[6],[33] | 19,250 | |
Fair value | [1],[2],[4],[5],[6],[33] | $ 19,094 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/2028 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[40] | Consumer Discretionary | |
Maturity | [1],[2],[4],[5],[6],[40] | May 29, 2028 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[40] | $ 2,263 | |
Cost | [1],[2],[4],[5],[6],[40] | 2,229 | |
Fair value | [1],[2],[4],[5],[6],[40] | $ 577 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/2027 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Textile Equipment Manufacturer | |
Interest rate | [1],[2],[4],[5],[6],[29] | 5% | |
Maturity | [1],[2],[4],[5],[6] | Oct. 29, 2027 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 5,094 | |
Cost | [1],[2],[4],[5],[6] | 5,094 | |
Fair value | [1],[2],[4],[5],[6] | $ 5,025 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 200.9% First Lien/Senior Secured Debt - 148.2% Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/2026 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[32],[39] | Consumer Discretionary | |
Reference rate and spread | [1],[2],[4],[5],[6],[29],[32],[39] | 5.75% | |
Floor | [1],[2],[4],[5],[6],[29],[32],[39] | 1% | |
Maturity | [1],[2],[4],[5],[6],[32],[39] | Oct. 21, 2026 | |
Cost | [1],[2],[4],[5],[6],[32],[39] | $ 17 | |
Fair value | [1],[2],[4],[5],[6],[32],[39] | (69) | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% | |||
Schedule Of Investments [Line Items] | |||
Cost | [1],[2],[4],[5],[6] | 192,249 | |
Fair value | [1],[2],[4],[5],[6] | $ 176,832 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 4.50% | |
Cost | [1],[2],[4],[5],[6] | $ 4,622 | |
Fair value | [1],[2],[4],[5],[6] | $ 4,207 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 5.47% Maturity 07/17/2029 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[35],[42] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[35],[42] | 5.47% | |
Maturity | [1],[2],[4],[5],[6],[35],[42] | Jul. 17, 2029 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[35],[42] | 7,891,000 | |
Cost | [1],[2],[4],[5],[6],[35],[42] | $ 1,827 | |
Fair value | [1],[2],[4],[5],[6],[35],[42] | $ 1,412 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% JMP Credit Advisors CLO V Ltd. Financials Interest Rate 27.49% Maturity 07/17/2030 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[35],[42] | Financials | |
Interest rate | [1],[2],[4],[5],[6],[35],[42] | 27.49% | |
Maturity | [1],[2],[4],[5],[6],[35],[42] | Jul. 17, 2030 | |
Par/Shares | [1],[2],[3],[4],[5],[6],[35],[42] | 7,320,000 | |
Cost | [1],[2],[4],[5],[6],[35],[42] | $ 2,795 | |
Fair value | [1],[2],[4],[5],[6],[35],[42] | $ 2,795 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 7.90% | |
Cost | [1],[2],[4],[5],[6] | $ 6,565 | |
Fair value | [1],[2],[4],[5],[6] | $ 7,373 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Alternative Biomedical Solutions, LLC - Membership Unit Warrants Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Healthcare | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 49,295 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Alternative Biomedical Solutions, LLC Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Healthcare | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 20,092 | |
Cost | [1],[2],[4],[5],[6] | $ 800 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% American Academy Holdings, LLC Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[27] | Healthcare | |
Fair value | [1],[2],[4],[5],[6],[27] | $ 213 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% American Clinical Solutions, LLC - Class A Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[27] | Healthcare | |
Par/Shares | [1],[2],[3],[4],[5],[6],[27] | 6,030,384 | |
Cost | [1],[2],[4],[5],[6],[27] | $ 3,198 | |
Fair value | [1],[2],[4],[5],[6],[27] | $ 2,215 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% BLST Operating Company, LLC - Class A Online Merchandise Retailer | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[27] | Online Merchandise Retailer | |
Par/Shares | [1],[2],[3],[4],[5],[6],[27] | 217,013 | |
Cost | [1],[2],[4],[5],[6],[27] | $ 286 | |
Fair value | [1],[2],[4],[5],[6],[27] | $ 2,596 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Freedom Electronics, LLC Electronic Machine Repair | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Electronic Machine Repair | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 181,818 | |
Cost | [1],[2],[4],[5],[6] | $ 182 | |
Fair value | [1],[2],[4],[5],[6] | $ 250 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% South Street Securities Holdings, Inc. - Warrants Financials | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Financials | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 567 | |
Cost | [1],[2],[4],[5],[6] | $ 65 | |
Fair value | [1],[2],[4],[5],[6] | $ 66 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% U.S. BioTek Laboratories, LLC - Class C Testing Laboratories | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Testing Laboratories | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 578 | |
Cost | [1],[2],[4],[5],[6] | $ 1 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% First Lien/Senior Secured Debt - 141.1% American Clinical Solutions, LLC Healthcare Interest Rate 11.81% Reference Rate and Spread L + 7.00%, 4.81% PIK Floor 1.00% Maturity 12/31/2024 | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Healthcare | |
Interest rate | [1],[2],[4],[5],[6],[29] | 11.81% | |
Reference rate and spread | [1],[2],[4],[5],[6],[29] | 7% | |
Reference rate and spread, PIK | [1],[2],[4],[5],[6],[29] | 4.81% | |
Floor | [1],[2],[4],[5],[6],[29] | 1% | |
Maturity | [1],[2],[4],[5],[6] | Dec. 31, 2024 | |
Par/Shares | [1],[2],[3],[4],[5],[6] | $ 4,039 | |
Cost | [1],[2],[4],[5],[6] | 4,039 | |
Fair value | [1],[2],[4],[5],[6] | $ 3,662 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series A Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Healthcare | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 15,864 | |
Cost | [1],[2],[4],[5],[6] | $ 1,277 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series B Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Healthcare | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 55,166 | |
Cost | [1],[2],[4],[5],[6] | $ 3,950 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series C Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Healthcare | |
Par/Shares | [1],[2],[3],[4],[5],[6] | 78,900 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% American Academy Holdings, LLC Healthcare | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[27] | Healthcare | |
Par/Shares | [1],[2],[3],[4],[5],[6],[27] | 102,261 | |
Fair value | [1],[2],[4],[5],[6],[27] | $ 122 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Jurassic Quest Holdings, LLC Entertainment | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[27] | Entertainment | |
Par/Shares | [1],[2],[3],[4],[5],[6],[27] | 467,784 | |
Cost | [1],[2],[4],[5],[6],[27] | $ 480 | |
Fair value | [1],[2],[4],[5],[6],[27] | $ 164 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% MicroHoldco, LLC General Industrial | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6],[31] | General Industrial | |
Par/Shares | [1],[2],[3],[4],[5],[6],[31] | 740,237 | |
Cost | [1],[2],[4],[5],[6],[31] | $ 749 | |
Fair value | [1],[2],[4],[5],[6],[31] | $ 688 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Taylor Precision Products, Inc. - Series C General Household Product Manufacturer | |||
Schedule Of Investments [Line Items] | |||
Industry | [1],[2],[4],[5],[6] | Household Product Manufacturer | |
Cost | [1],[2],[4],[5],[6] | $ 758 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Taylor Precision Products, Inc. - Series C Household Product Manufacturer | |||
Schedule Of Investments [Line Items] | |||
Par/Shares | [1],[2],[3],[4],[5],[6] | 379 | |
Fair value | [1],[2],[4],[5],[6] | $ 758 | |
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Second Lien/Senior Secured Debt - 6.3% | |||
Schedule Of Investments [Line Items] | |||
Investments rate | [1],[2],[4],[5],[6] | 6.30% | |
Cost | [1],[2],[4],[5],[6] | $ 7,550 | |
Fair value | [1],[2],[4],[5],[6] | $ 5,862 | |
[1] All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted. All investments valued using unobservable inputs (Level 3), unless otherwise noted. Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Percentages are based on net assets as of March 31, 2023 . The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act ”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Investment Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board ” ). All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted. During the second quarter of 2022, Eastport Holdings, LLC completed a refinancing and recapitalization transaction. Logan Ridge received $ 16.5 million in cash and $ 19.3 million in principal of a new debt security in exchange for all of its previous debt and equity securities, which resulted in a realized gain of approximately $ 16.0 million on the Company's equity interest. As a result of this transaction, Eastport Holdings, LLC is no longer an affiliate of the Company. The equity investment is income producing, based on rate disclosed. Percentages are based on net assets as of December 31, 2022 . All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted. All investments valued using unobservable inputs (Level 3), unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”). As defined in the Investment Company Act of 1940, as amended (the “1940 Act ”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5 % or more of the portfolio company's outstanding voting securities. As defined in the 1940 Act, the investment is deemed to be an "affiliated person" of the Company because the Company owns, either directly or indirectly, 5 % or more of the portfolio company's outstanding voting securities. Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Investment is held through our Taxable Subsidiary (See Note 1). The Company has an unfunded loan or investment commitment to the portfolio company at December 31, 2022 . (See Note 2). Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to either LIBOR ("L"), SOFR, or alternate base rate (unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 6 month, 3 month, or 1 month L rates. SOFR loans are typically indexed to 6 month, 3 month, or 1 month SOFR rates. As of December 31, 2022 , rates for the 6 month, 3 month, and 1 month L are 5.14 %, 4.77 % and 4.39 %, respectively. As of December 31, 2022 , rates for the 6 month, 3 month, and 1 month SOFR are 4.78 %, 4.59 % and 4.36 %, respectively. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022 . All or a portion of this security is pledged as collateral under the KeyBank Credit Facility and held through the Company's wholly-owned subsidiary Capitala Business Lending, LLC. The cash rate equals the approximate current yield on our last-out portion of the unitranche facility. The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70 % of our total assets. As of December 31, 2022 , qualifying assets represent 97.5 % of the Company’s total assets and non-qualifying assets represent 2.5 % of the Company’s total assets. The equity investment is income producing, based on rate disclosed. 15.0 % interest rate payable in cash or paid-in-kind at borrower's election. The investment has been exited or sold. The residual value reflects estimated earnout, escrow, or other proceeds expected post-closing. Investment is held through our Taxable Subsidiary (See Note 1). The equity investment is income producing, based on rate disclosed. Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to either LIBOR (“L ”), SOFR or alternate base rate (commonly known as the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 6 month, 3 month, or 1 month L rates. SOFR loans are typically indexed to 6 month, 3 month, or 1 month SOFR rates. As of March 31, 2023, rates for the 6 month, 3 month, and 1 month L are 5.31 % , 5.19 % , and 4.86 % , respectively. As of March 31, 2023 , rates for the 12 months, 6 month, 3 month and 1 month SOFR are 4.73 %, 4.90 % , 4.91 % , and 4.80 % , respectively. As of March 31, 2023 , P was 8.00 %. For i nvestments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2023 . 15.0% of interest rate payable in cash or paid-in-kind at borrower's election. The investment has been exited or sold. The residual value reflects estimated earnout, escrow, or other proceeds expected post-closing. The Company has an unfunded loan or investment commitment to the portfolio company at March 31, 2023 . (See Note 2). All or a portion of this security is pledged as collateral under the KeyBank Credit Facility and held through the Company's wholly-owned subsidiary Capitala Business Lending, LLC. The cash rate equals the approximate current yield on our last-out portion of the unitranche facility. The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70 % of our total assets. As of March 31, 2023 , qualifying assets represent 97.8 % of the Company’s total assets and non-qualifying assets represent 2.2 % of the Company’s total assets. Collateralized loan obligations ("CLO" or "CLO's") are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively. Non-accrual investment. 1.0 % interest rate payable in cash. 9.0 % interest rate payable in cash or paid-in-kind at borrower's election. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. Non-accrual investment. 1.0% of interest rate payable in cash. The remainder of interest rate payable is either in cash or paid-in-kind at borrower's election. Collateralized loan obligations (“CLO ” or “CLO's” ) are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | |||
Percentage of qualifying assets to total assets | 97.80% | 97.80% | 97.50% |
Percentage of non-qualifying assets to total assets | 2.20% | 2.20% | 2.50% |
Online Merchandise Retailer | BLST Operating Company, LLC | |||
Schedule Of Investments [Line Items] | |||
Interest rate payable in cash | 1% | ||
Interest rate payable in cash or paid-in-kind | 9% | ||
Oil & Gas Engineering and Consulting Services | Sierra Hamilton Holdings Corporation | |||
Schedule Of Investments [Line Items] | |||
Interest rate payable in cash or paid-in-kind | 15% | ||
Prime Rate | |||
Schedule Of Investments [Line Items] | |||
Variable interest rate | 8% | ||
Minimum | |||
Schedule Of Investments [Line Items] | |||
Percentage of qualifying assets to total assets | 70% | 70% | 70% |
Non-controlled Affiliated Investments | Minimum | |||
Schedule Of Investments [Line Items] | |||
Percentage of outstanding voting securities owned | 5% | 5% | 5% |
Controlled Affiliated Investments | Minimum | |||
Schedule Of Investments [Line Items] | |||
Percentage of outstanding voting securities owned | 25% | 25% | 25% |
12 month | SOFR | |||
Schedule Of Investments [Line Items] | |||
Variable interest rate | 4.73% | ||
6 Month | LIBOR | |||
Schedule Of Investments [Line Items] | |||
Variable interest rate | 5.31% | 5.14% | |
6 Month | SOFR | |||
Schedule Of Investments [Line Items] | |||
Variable interest rate | 4.90% | 4.78% | |
3 Month | LIBOR | |||
Schedule Of Investments [Line Items] | |||
Variable interest rate | 5.19% | 4.77% | |
3 Month | SOFR | |||
Schedule Of Investments [Line Items] | |||
Variable interest rate | 4.91% | 4.59% | |
1 Month | LIBOR | |||
Schedule Of Investments [Line Items] | |||
Variable interest rate | 4.86% | 4.39% | |
1 Month | SOFR | |||
Schedule Of Investments [Line Items] | |||
Variable interest rate | 4.80% | 4.36% |
N-2
N-2 - USD ($) $ in Millions | 3 Months Ended | |||||||
Mar. 31, 2023 | Apr. 01, 2022 | Oct. 29, 2021 | Jun. 26, 2017 | May 26, 2017 | May 25, 2017 | May 16, 2017 | Mar. 31, 2023 | |
Cover [Abstract] | ||||||||
Entity Central Index Key | 0001571329 | |||||||
Amendment Flag | false | |||||||
Securities Act File Number | 814-01022 | |||||||
Document Type | 10-Q | |||||||
Entity Registrant Name | Logan Ridge Finance Corporation | |||||||
Entity Address, Address Line One | 650 Madison Avenue | |||||||
Entity Address, Address Line Two | 23rd Floor | |||||||
Entity Address, City or Town | New York | |||||||
Entity Address, State or Province | NY | |||||||
Entity Address, Postal Zip Code | 10022 | |||||||
City Area Code | 212 | |||||||
Local Phone Number | 891-2880 | |||||||
Entity Emerging Growth Company | false | |||||||
General Description of Registrant [Abstract] | ||||||||
Investment Objectives and Practices [Text Block] | The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company offers customized financing to business owners, management teams, and financial sponsors for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion, and other growth initiatives. The Company invests in first lien loans, and, to a lesser extent, second lien loans and equity securities issued by lower m iddle-market and traditional middle-market companies. | Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We provide capital to lower and traditional middle-market companies in the United States (“U.S.”), with a non-exclusive emphasis on the Southeast, Southwest, and Mid-Atlantic regions. We invest primarily in companies with a history of earnings growth and positive cash flow, proven management teams, products or services with competitive advantages, and industry-appropriate margins. We primarily invest in companies with between $5.0 million and $50.0 million in trailing twelve-month earnings before interest, tax, depreciation, and amortization (“EBITDA”). We invest in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market and traditional middle-market companies. | ||||||
Risk Factors [Table Text Block] | Item 1A. Risk Factors In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Annual Report on Form 10-K”), which could materially affect our business, financial condition and/or operating results. The risks described in the Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in the Annual Report on Form 10-K. | |||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||
Long Term Debt [Table Text Block] | We use and intend to use existing cash primarily to originate investments in new and existing portfolio companies, pay distributions to our stockholders, and repay indebtedness. Since our IPO, we have raised approximately $136.0 million in net proceeds from equity offerings through March 31, 2023. KeyBank Credit Facility On October 30, 2020, Capitala Business Lending, LLC (“CBL”), a direct, wholly owned, consolidated subsidiary of the Company, entered into a senior secured revolving credit agreement (“the KeyBank Credit Facility”) with the investment adviser at the time, as collateral manager, the lenders from time to time parties thereto (each, a “Lender”), KeyBank National Association, as administrative agent, and U.S. Bank National Association, as custodian. The KeyBank Credit Facility was amended on May 10, 2022 and October 20, 2022. Under the KeyBank Credit Facility, the Lenders have agreed to extend credit to CBL in an aggregate principal amount of up to $75.0 million as of May 10, 2022, with an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million. The KeyBank Credit Facility matures on May 10, 2027, unless there is an earlier termination or event of default. The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. As of March 31, 2023 , there were draws of $ 58.4 million on the KeyBank Credit Facility. The KeyBank Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2023 , assets pledged to secure the KeyBank Credit Facility had a fair value of $125.5 million. 2032 Convertible Notes On April 1, 2022, the Company issued $ 15.0 million in aggregate principal amount of 5.25% fixed-rate convertible notes due April 1, 2032 (the “2032 Convertible Notes”). The 2032 Convertible Notes are convertible, at the holder’s option and at any time on or prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of the Company’s common stock as is equal to the principal balance of the notes being converted on such date divided by the “Conversion Price,” as described below. The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. The “Conversion Price” will be equal to the average “Closing Sale Price” for the five “Trading Days” immediately prior to the relevant “Conversion Date,” as those terms are defined in the Purchase Agreement, subject to certain anti-dilutive provisions, as further described in the Purchase Agreement. No holder of a 2032 Convertible Note will be entitled to convert any such note or portion thereof if such conversion would result in more than $7,500,000 in principal amount of 2032 Convertible Notes being converted in any such calendar quarter. The Company has determined that the embedded conversion option in the 2032 Convertible Notes is not required to be separately accounted for as a derivative under U.S. GAAP. The Company obtained an Investment Grade rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the 2032 Convertible Notes. The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default.” The Company intends to use the net proceeds from the offering of the 2032 Convertible Notes for general corporate purposes, which may include repaying outstanding indebtedness, making opportunistic investments and paying corporate expenses. In addition, on the occurrence of a “Change in Control Repurchase Event” or “Delisting Event,” as defined in the Purchase Agreement, the Company will generally be required to make an offer to purchase the outstanding 2032 Convertible Notes at a price equal to 100% of the principal amount of such 2032 Convertible Notes plus accrued and unpaid interest to the repurchase date. The 2032 Convertible Notes are redeemable prior to maturity. No “sinking fund” is provided for the 2032 Convertible Notes. As of March 31, 2023, the Company had $ 15.0 million in 2032 Convertible Notes outstanding. 2026 Notes On October 29, 2021, we issued $ 50.0 million in aggregate principal amount of 5.25% fixed rate notes due October 30, 2026 (the “2026 Notes”) pursuant to a supplemental indenture with U.S. Bank National Association (the “Trustee”), which supplements that certain base indenture, dated as of June 16, 2014. The 2026 Notes were issued in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds to the Company were approximately $48.8 million, after deducting estimated offering expenses. The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of October 29, 2021 (the “Registration Rights Agreement”), with the purchasers of the 2026 Notes. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the Securities and Exchange Commission a registration statement relating to an offer to exchange the 2026 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2026 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective. As of March 31, 2023, the Company had approximately $ 50.0 mill ion in aggregate principal amount of 2026 Notes outstanding. 2022 Notes On May 16, 2017, we issued $ 70.0 million in aggregate principal amount of 6.0% fixed-rate notes due May 31, 2022 (the “2022 Notes”). On May 25, 2017, we issued an additional $ 5.0 million in aggregate principal amount of the 2022 Notes pursuant to a partial exercise of the underwriters’ overallotment option . On November 1, 2021, we notified the Trustee for the 2022 Notes of the Company's election to redeem $50.0 million aggregate principal amount of the 2022 Notes outstanding. The redemption was completed on December 6, 2021. On May 31, 2022, the 2022 Notes reached maturity, and the entire outstanding principal of the 2022 Notes became payable and was paid by the Company. Accordingly, as of March 31, 2023, there were no 2022 Notes outstanding. The 2022 Notes were subject to redemption in whole or in part at any time or from time to time at our option on or after May 31, 2019 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2022 Notes was payable quarterly. The 2022 Notes were listed on the NASDAQ Global Select Market under the trading symbol “CPTAL” with a par value of $25.00 per share. 2022 Convertible Notes On May 26, 2017, we issued $ 50.0 million in aggregate principal amount of 5.75% fixed-rate convertible notes due May 31, 2022 (the “2022 Convertible Notes”). On June 26, 2017, we issued an additional $ 2.1 million in aggregate principal amount of the 2022 Convertible Notes pursuant to a partial exercise of the underwriters’ overallotment option. On May 31, 2022, the 2022 Convertible Notes reached maturity, and the entire outstanding principal of the 2022 Convertible Notes became payable, and was paid by the Company. Accordingly, as of March 31, 2023, there were no 2022 Convertible Notes outstanding. Interest on the 2022 Convertible Notes was payable quarterly. The 2022 Convertible Notes were listed on the NASDAQ Capital Market under the trading symbol “CPTAG” with a par value of $25.00 per share. | |||||||
KeyBank Credit Facility | ||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||
Long Term Debt, Title [Text Block] | KeyBank Credit Facility On October 30, 2020, Capitala Business Lending, LLC (“CBL”), a direct, wholly owned, consolidated subsidiary of the Company, entered into a senior secured revolving credit agreement (“the KeyBank Credit Facility”) with the investment adviser at the time, as collateral manager, the lenders from time to time parties thereto (each, a “Lender”), KeyBank National Association, as administrative agent, and U.S. Bank National Association, as custodian. The KeyBank Credit Facility was amended on May 10, 2022 and October 20, 2022. Under the KeyBank Credit Facility, the Lenders have agreed to extend credit to CBL in an aggregate principal amount of up to $75.0 million as of May 10, 2022, with an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million. The KeyBank Credit Facility matures on May 10, 2027, unless there is an earlier termination or event of default. The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. As of March 31, 2023 , there were draws of $ 58.4 million on the KeyBank Credit Facility. The KeyBank Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2023 , assets pledged to secure the KeyBank Credit Facility had a fair value of $125.5 million. | |||||||
Long Term Debt, Principal | $ 58.4 | |||||||
Long Term Debt, Structuring [Text Block] | The KeyBank Credit Facility was amended on May 10, 2022 and October 20, 2022. Under the KeyBank Credit Facility, the Lenders have agreed to extend credit to CBL in an aggregate principal amount of up to $75.0 million as of May 10, 2022, with an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million. The KeyBank Credit Facility matures on May 10, 2027, unless there is an earlier termination or event of default. The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. | |||||||
2032 Convertible Notes | ||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||
Long Term Debt, Title [Text Block] | 2032 Convertible Notes On April 1, 2022, the Company issued $ 15.0 million in aggregate principal amount of 5.25% fixed-rate convertible notes due April 1, 2032 (the “2032 Convertible Notes”). The 2032 Convertible Notes are convertible, at the holder’s option and at any time on or prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of the Company’s common stock as is equal to the principal balance of the notes being converted on such date divided by the “Conversion Price,” as described below. The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. The “Conversion Price” will be equal to the average “Closing Sale Price” for the five “Trading Days” immediately prior to the relevant “Conversion Date,” as those terms are defined in the Purchase Agreement, subject to certain anti-dilutive provisions, as further described in the Purchase Agreement. No holder of a 2032 Convertible Note will be entitled to convert any such note or portion thereof if such conversion would result in more than $7,500,000 in principal amount of 2032 Convertible Notes being converted in any such calendar quarter. The Company has determined that the embedded conversion option in the 2032 Convertible Notes is not required to be separately accounted for as a derivative under U.S. GAAP. The Company obtained an Investment Grade rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the 2032 Convertible Notes. The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default.” The Company intends to use the net proceeds from the offering of the 2032 Convertible Notes for general corporate purposes, which may include repaying outstanding indebtedness, making opportunistic investments and paying corporate expenses. In addition, on the occurrence of a “Change in Control Repurchase Event” or “Delisting Event,” as defined in the Purchase Agreement, the Company will generally be required to make an offer to purchase the outstanding 2032 Convertible Notes at a price equal to 100% of the principal amount of such 2032 Convertible Notes plus accrued and unpaid interest to the repurchase date. The 2032 Convertible Notes are redeemable prior to maturity. No “sinking fund” is provided for the 2032 Convertible Notes. As of March 31, 2023, the Company had $ 15.0 million in 2032 Convertible Notes outstanding. | |||||||
Long Term Debt, Principal | $ 15 | $ 15 | ||||||
Long Term Debt, Structuring [Text Block] | due April 1, 2032 The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default.” The Company intends to use the net proceeds from the offering of the 2032 Convertible Notes for general corporate purposes, which may include repaying outstanding indebtedness, making opportunistic investments and paying corporate expenses. In addition, on the occurrence of a “Change in Control Repurchase Event” or “Delisting Event,” as defined in the Purchase Agreement, the Company will generally be required to make an offer to purchase the outstanding 2032 Convertible Notes at a price equal to 100% of the principal amount of such 2032 Convertible Notes plus accrued and unpaid interest to the repurchase date. The 2032 Convertible Notes are redeemable prior to maturity. No “sinking fund” is provided for the 2032 Convertible Notes. | |||||||
Long Term Debt, Issuance and Substitution [Text Block] | The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. | |||||||
2026 Notes [Member] | ||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||
Long Term Debt, Title [Text Block] | 2026 Notes On October 29, 2021, we issued $ 50.0 million in aggregate principal amount of 5.25% fixed rate notes due October 30, 2026 (the “2026 Notes”) pursuant to a supplemental indenture with U.S. Bank National Association (the “Trustee”), which supplements that certain base indenture, dated as of June 16, 2014. The 2026 Notes were issued in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds to the Company were approximately $48.8 million, after deducting estimated offering expenses. The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of October 29, 2021 (the “Registration Rights Agreement”), with the purchasers of the 2026 Notes. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the Securities and Exchange Commission a registration statement relating to an offer to exchange the 2026 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2026 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective. As of March 31, 2023, the Company had approximately $ 50.0 mill ion in aggregate principal amount of 2026 Notes outstanding. | |||||||
Long Term Debt, Principal | $ 50 | $ 50 | ||||||
Long Term Debt, Structuring [Text Block] | 5.25% fixed rate notes due October 30, 2026 (the “2026 Notes”) pursuant to a supplemental indenture with U.S. Bank National Association (the “Trustee”), which supplements that certain base indenture, dated as of June 16, 2014. The 2026 Notes were issued in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds to the Company were approximately $48.8 million, after deducting estimated offering expenses. The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. | |||||||
Long Term Debt, Rights Limited by Other Securities [Text Block] | The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. | |||||||
2022 Notes [Member] | ||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||
Long Term Debt, Title [Text Block] | 2022 Notes On May 16, 2017, we issued $ 70.0 million in aggregate principal amount of 6.0% fixed-rate notes due May 31, 2022 (the “2022 Notes”). On May 25, 2017, we issued an additional $ 5.0 million in aggregate principal amount of the 2022 Notes pursuant to a partial exercise of the underwriters’ overallotment option . On November 1, 2021, we notified the Trustee for the 2022 Notes of the Company's election to redeem $50.0 million aggregate principal amount of the 2022 Notes outstanding. The redemption was completed on December 6, 2021. On May 31, 2022, the 2022 Notes reached maturity, and the entire outstanding principal of the 2022 Notes became payable and was paid by the Company. Accordingly, as of March 31, 2023, there were no 2022 Notes outstanding. The 2022 Notes were subject to redemption in whole or in part at any time or from time to time at our option on or after May 31, 2019 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2022 Notes was payable quarterly. The 2022 Notes were listed on the NASDAQ Global Select Market under the trading symbol “CPTAL” with a par value of $25.00 per share. | |||||||
Long Term Debt, Principal | $ 5 | $ 70 | ||||||
Long Term Debt, Structuring [Text Block] | due May 31, 2022 The 2022 Notes were subject to redemption in whole or in part at any time or from time to time at our option on or after May 31, 2019 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2022 Notes was payable quarterly. | |||||||
2022 Convertible Notes [Member] | ||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||
Long Term Debt, Title [Text Block] | 2022 Convertible Notes On May 26, 2017, we issued $ 50.0 million in aggregate principal amount of 5.75% fixed-rate convertible notes due May 31, 2022 (the “2022 Convertible Notes”). On June 26, 2017, we issued an additional $ 2.1 million in aggregate principal amount of the 2022 Convertible Notes pursuant to a partial exercise of the underwriters’ overallotment option. On May 31, 2022, the 2022 Convertible Notes reached maturity, and the entire outstanding principal of the 2022 Convertible Notes became payable, and was paid by the Company. Accordingly, as of March 31, 2023, there were no 2022 Convertible Notes outstanding. Interest on the 2022 Convertible Notes was payable quarterly. The 2022 Convertible Notes were listed on the NASDAQ Capital Market under the trading symbol “CPTAG” with a par value of $25.00 per share. | |||||||
Long Term Debt, Principal | $ 2.1 | $ 50 | ||||||
Long Term Debt, Structuring [Text Block] | 5.75% fixed-rate due May 31, 2022 Interest on the 2022 Convertible Notes was payable quarterly. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1. Organization Logan Ridge Finance Corporation (“Logan Ridge”, the “Company”, “we”, “us”, and “our”) is an externally managed non-diversified closed-end management investment company incorporated in Maryland on February 21, 2013 . The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on May 24, 2013 and completed its initial public offering (“IPO”) on September 30, 2013. The Company is managed by Mount Logan Management LLC (the “Investment Adviser”), an investment adviser that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and BC Partners Management LLC (the “Administrator”) provides the administrative services necessary for the Company to operate. For United States (“U.S.”) federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company offers customized financing to business owners, management teams, and financial sponsors for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion, and other growth initiatives. The Company invests in first lien loans, and, to a lesser extent, second lien loans and equity securities issued by lower middle-market and traditional middle-market companies. The Company was formed for the purpose of: (i) acquiring, through a series of transactions, an investment portfolio from the following entities: CapitalSouth Partners Fund I Limited Partnership (“Fund I”); CapitalSouth Partners Fund II Limited Partnership (“Fund II”); CapitalSouth Partners Fund III, L.P. (“Fund III Parent”); CapitalSouth Fund III, L.P. (f/k/a CapitalSouth Partners SBIC Fund III, L.P.) (“Fund III”); and CapitalSouth Partners Florida Sidecar Fund I, L.P. (“Florida Sidecar” and, collectively with Fund I, Fund II, Fund III, and Fund III Parent, the “Legacy Funds”); (ii) raising capital in the IPO and (iii) continuing and expanding the business of the Legacy Funds by making additional debt and equity investments in lower middle-market and traditional middle-market companies. On September 24, 2013, the Company acquired 100 % of the limited partnership interests in Fund II, Fund III, and Florida Sidecar and each of their respective general partners, as well as certain assets from Fund I and Fund III Parent, in exchange for an aggregate of 8,974,420 shares of the Company’s common stock (the “Formation Transactions”). Fund II, Fund III, and Florida Sidecar became the Company’s wholly owned subsidiaries. Fund II and Fund III retained their small business investment company (“SBIC”) licenses, continued to hold their existing investments at the time of the IPO and have continued to make new investments. The IPO consisted of the sale of 4,000,000 shares of the Company’s common stock at a price of $ 20.00 per share, resulting in net proceeds to the Company of $ 74.25 million, after deducting underwriting fees and commissions totaling $ 4.0 million and offering expenses totaling $ 1.75 million. The other costs of the IPO were borne by the limited partners of the Legacy Funds. During the fourth quarter of 2017, Florida Sidecar transferred all of its assets to the Company and was legally dissolved as a standalone partnership. On March 1, 2019, Fund II repaid its outstanding debentures guaranteed by the SBA (the “SBA-guaranteed debentures”) and relinquished its SBIC license. On June 10, 2021, Fund III repaid its SBA-guaranteed debentures and relinquished its SBIC license. Accordingly, as of March 31, 2023 and December 31, 2022 , there were no SBA-guaranteed debentures outstanding. The Company has formed, and expects to continue to form, certain consolidated taxable subsidiaries (the “Taxable Subsidiaries”), which are taxed as corporations for U.S. federal income tax purposes. The Taxable Subsidiaries allow the Company to make equity investments in companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. Capitala Business Lending, LLC (“CBL”), a wholly-owned subsidiary of the Company, was established on October 30, 2020, for the sole purpose of holding certain investments pledged as collateral under the Company's line of credit with KeyBank National Association (the “KeyBank Credit Facility”). See Note 6 for more details about the KeyBank Credit Facility. The financial statements of CBL are consolidated with those of Logan Ridge Finance Corporation. Definitive Agreement On April 20, 2021, Capitala Investment Advisors, LLC (“Capitala”), the Company’s former investment adviser, entered into a definitive agreement (the “Definitive Agreement”) with the Investment Adviser and Mount Logan Capital Inc. (“MLC”), both affiliates of BC Partners Advisors L.P. (“BC Partners”) for U.S. regulatory purposes, whereby Mount Logan acquired certain assets related to Capitala’s business of providing investment management services to the Company (the “Transaction”), through which the Investment Adviser became the Company’s investment adviser pursuant to an investment advisory agreement (the “Investment Advisory Agreement”) with the Company. At a special meeting of the Company’s stockholders (the “Special Meeting”) held on May 27, 2021, the Company’s stockholders approved the Investment Advisory Agreement. The transactions contemplated by the Definitive Agreement closed on July 1, 2021 (the “Closing”). As part of the Transaction, the Investment Adviser entered into a two-year contractual fee waiver (the “Fee Waiver”) with the Company to waive, to the extent necessary, any capital gains fee under the Investment Advisory Agreement that exceeds what would have been paid to Capitala in the aggregate over such two-year period under the prior advisory agreement. On the date of the Closing, the Company changed its name from Capitala Finance Corp. to Logan Ridge Finance Corporation and on July 2, 2021, the Company’s common stock began trading on the NASDAQ Global Select Market under the symbol “LRFC.” On July 1, 2021, in connection with the Closing, the Company’s then-current interested directors and the Company’s then-current independent directors resigned as members of the Board and Ted Goldthorpe, the Chairman and Chief Executive Officer of the Company, along with Alexander Duka, George Grunebaum, and Robert Warshauer, were appointed as members of the Board (the “Directors”). The Directors were appointed by the Board to fill the vacancies created by the resignations described above and the Directors were appointed to the class of directors as determined by the Board in accordance with the Company’s organizational documents. The Company’s stockholders will have the opportunity to vote for each of the Directors when his class of directors is up for reelection. All of the Company’s then-current officers resigned at the Closing and the Board appointed Ted Goldthorpe as the Company’s Chief Executive Officer and President, Jason Roos as the Company’s Chief Financial Officer, Treasurer and Secretary, Patrick Schafer as the Company’s Chief Investment Officer and David Held as the Company’s Chief Compliance Officer. On November 9, 2021, Jason Roos was replaced as Secretary and Treasurer of the Company by Brandon Satoren, who was also appointed as Chief Accounting Officer. Mr. Roos continues to serve as Chief Financial Officer of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The Company is considered an investment company as defined in Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying our annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, including Fund II, Fund III, CBL, and the Taxable Subsidiaries. The Company’s financial statements as of March 31, 2023 and December 31, 2022 and for the periods ended March 31, 2023 and 2022 are presented on a consolidated basis. The effects of all intercompany transactions between the Company and its subsidiaries (Fund II, Fund III, CBL, and the Taxable Subsidiaries) have been eliminated in consolidation. All financial data and information included in these consolidated financial statements have been presented on the basis described above. In the opinion of management, the consolidated financial statements reflect all adjustments that are necessary for the fair presentation of financial results as of and for the periods presented. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the year. Additionally, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 , filed with the U.S. Securities and Exchange Commission (“SEC”) on March 9, 2023. Use of Estimates in the Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates under different assumptions and conditions. The most significant estimates in the preparation of the consolidated financial statements are investment valuation, revenue recognition and income taxes. Consolidation As provided under ASC 946, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly owned investment company subsidiaries (Fund II, Fund III, CBL, and the Taxable Subsidiaries) in its consolidated financial statements. Cash and Cash Equivalents The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less at the date of purchase. The Company deposits its cash in financial institutions, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Investment Classification In accordance with the provisions of the 1940 Act, the Company classifies its investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control/Non-Affiliate Investments” are those investments that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25 % of the voting securities of such company and/or has greater than 50 % representation on its board or has the power to exercise control over management or policies of such portfolio company. The Company is deemed to be an affiliate of a company in which the Company has invested if it owns 5 % or more of the voting securities of such company. Valuation of Investments Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized. Investments for which market quotations are available are typically valued at those market quotations. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt that is not publicly traded but for which there are external pricing sources available as of the valuation date is valued using independent broker-dealer, market maker quotations or independent pricing services. The valuation committee, comprised of members of the Investment Adviser, (the “Valuation Committee”) subjects these quotes to various criteria including, but not limited to, the number and quality of quotes, the deviation among the quotes and information derived from analyzing the Company’s own transactions in such investments throughout the reporting period. Generally, such investments are categorized in Level 2 of the fair value hierarchy, unless the Valuation Committee determines that the quality, quantity or deviation among quotes warrants significant adjustment to the inputs utilized. The Board has designated the Investment Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Investment Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Board remains ultimately responsible for fair value determinations under the 1940 Act and satisfies its responsibility through oversight of the valuation designee in accordance with Rule 2a-5. Investments that are not publicly traded or whose market prices are not readily available, as is expected to be the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Investment Adviser, based on, among other things, input of independent third-party valuation firm(s). The Investment Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following: • The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the investment professionals responsible for the portfolio investment in conjunction with the Company’s portfolio management team. The Company utilizes an independent valuation firm to provide valuation on each material illiquid security at least once every trailing 12-month period; • Preliminary valuations are reviewed and discussed with management of the Investment Adviser and investment professionals; and • the Investment Adviser will review the valuations and determine the fair value of each investment. Valuations that are not based on readily available market quotations will be valued in good faith based on, among other things, the input of, where applicable, third parties. As part of the valuation process, the Investment Adviser may consider other information and may use valuation methods including but not limited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third-party appraisal, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in liquidation or restructuring. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible to the Company. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 3: Significant inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments for which no external pricing sources are available as of the valuation date are included in Level 3 of the fair value hierarchy. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for its equity investment in Great Lakes Funding II LLC (“Great Lakes II Joint Venture”). The Great Lakes II Joint Venture records its underlying investments at fair value on a quarterly basis in accordance with the 1940 Act and U.S. GAAP. Enterprise Value Waterfall Approach The enterprise value waterfall approach determines an enterprise value based on earnings before interest, tax, depreciation, and amortization (“EBITDA”) multiples of publicly traded companies that are considered similar to the subject portfolio company. The Company considers a variety of items in determining a reasonable pricing multiple, including, but not limited to, operating results, budgeted projections, growth, size, risk, profitability, leverage, management depth, diversification, market position, supplier or customer dependence, asset utilization, liquidity metrics, and access to capital markets. EBITDA of the portfolio company is adjusted for non-recurring items in order to reflect a normalized level of earnings that is representative of future earnings. In certain instances, the Company may also utilize revenue multiples to determine enterprise value. When available, the Company may assign a pricing multiple or value its investments based on the value of recent investment transactions in the subject portfolio company or offers to purchase the portfolio company. The enterprise value is adjusted for financial instruments with seniority to the Company’s ownership and for the effect of any instrument which may dilute the Company’s investment in the portfolio company. The adjusted enterprise value is then apportioned based on the seniority and privileges of the Company’s investments within the portfolio company. Income Approach The income approach utilizes a discounted cash flow methodology in which the Company estimates fair value based on the present value of expected cash flows discounted at a market rate of interest. The determination of a discount rate, or required rate of return, takes into account the portfolio company’s fundamentals and perceived credit risk. Because the majority of the Company’s portfolio companies do not have a public credit rating, determining a discount rate often involves assigning an implied credit rating based on the portfolio company’s operating metrics compared to average metrics of similar publicly rated debt. Operating metrics include, but are not limited to, EBITDA, interest coverage, leverage ratios, return on capital, and debt to equity ratios. The implied credit rating is used to assign a base discount rate range based on publicly available yields on similarly rated debt securities. The Company may apply a premium to the discount rate utilized in determining fair value when performance metrics and other qualitative information indicate that there is an additional level of uncertainty about collectability of cash flows. Asset Approach The asset approach values an investment based on the value of the underlying collateral securing the investment. Revenue Recognition The Company’s revenue recognition policies are as follows: Interest income and payment-in-kind ( “ PIK ” ) interest income: Interest income is recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company has loans in the portfolio that contain a PIK interest provision. PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. Non-accrual investments: Management reviews all loans that become 90 days or more past due, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income and PIK interest on that loan for financial reporting purposes. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. Non-accrual loans are returned to accrual status when the borrower’s financial condition improves such that management believes current interest and principal payments are expected to be collected. As of March 31, 2023 , we had debt investments in two portfolio companies on non-accrual status with an aggregate amortized cost of $ 14.2 million and an aggregate fair value of $ 10.0 million, which represented 6.4 % and 4.9 % of the investment portfolio, respectively. As of December 31, 2022 , we had a debt investment in one portfolio company on non-accrual status with aggregate amortized cost of $ 11.9 million and an aggregate fair value of $ 9.7 million, which represented 5.4 % and 4.8 % of the investment portfolio, respectively. Gains and losses on investment sales: Realized gains and losses on investments are recognized using the specific identification method. Dividend income and payment-in-kind dividends: Dividend income is recognized on the date dividends are declared. The Company holds preferred equity investments in the portfolio that contain a PIK dividend provision. PIK dividends, which represent contractually deferred dividends added to the equity balance, are recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company will typically cease accrual of PIK dividends when the fair value of the equity investment is less than the cost basis of the investment or when it is otherwise determined by management that PIK dividends are unlikely to be collected. If management determines that a decline in fair value is temporary in nature and PIK dividends are more likely than not to be collected, management may elect to continue accruing PIK dividends. Original issue discount: Discounts received to par on loans purchased are capitalized and accreted into income over the life of the loan. Any remaining discount is accreted into income upon prepayment of the loan. Other income: Origination fees (to the extent services are performed to earn such income), amendment fees, consent fees, and other fees associated with investments in portfolio companies are recognized as income when they are earned. Prepayment penalties received by the Company for debt instruments repaid prior to maturity date are recorded as income upon receipt. General and Administrative Expenses General and administrative expenses are accrued as incurred. The Company’s administrative expenses include personnel and overhead expenses allocable to the Company paid by and reimbursed to the Administrator under an administration agreement between the Company and the Administrator (the “Administration Agreement”). Other operating expenses such as legal and audit fees and director and officer insurance are generally paid directly by the Company. Deferred Financing Fees Costs incurred to issue the Company’s debt obligations are capitalized and are amortized over the term of the debt agreements under the effective interest method. Deferred financing fees are presented as a direct deduction from the carrying amount of the corresponding debt liability in the consolidated statements of assets and liabilities. Earnings per share The Company’s earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of the Company’s common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of the Company’s common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations, adjusted for the change in net assets resulting from the exercise of the dilutive shares, by the weighted average number of shares of the Company’s common stock assuming all potentially dilutive shares had been issued. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised. Commitments and Contingencies As of March 31, 2023 and December 31, 2022, the Company had the following unfunded commitments to existing portfolio companies (dollars in thousands): Portfolio Company Investment March 31, 2023 December 31, 2022 Accordion Partners LLC (1) First Lien/Senior Secured Debt $ 498 $ 897 Accordion Partners LLC (Revolver) First Lien/Senior Secured Debt 1,148 1,531 BetaNXT, Inc. (Revolver) First Lien/Senior Secured Debt 316 453 Bradshaw International, Inc. (Revolver) First Lien/Senior Secured Debt 922 922 Critical Nurse Staffing, LLC (1) First Lien/Senior Secured Debt 2,063 2,063 Critical Nurse Staffing, LLC (Revolver) First Lien/Senior Secured Debt 240 700 Dentive, LLC (1) First Lien/Senior Secured Debt 598 598 Dentive, LLC (Revolver) First Lien/Senior Secured Debt 187 187 Epic Staffing Group (1) First Lien/Senior Secured Debt 872 872 Great Lakes Funding II LLC - Series A Joint Venture 25 80 GreenPark Infrastructure, LLC - Series M-1 Common Stock and Membership Units 732 732 Keg Logistics LLC (Revolver) First Lien/Senior Secured Debt — 436 Marble Point Credit Management LLC (Revolver) First Lien/Senior Secured Debt N/A 2,500 Premier Imaging, LLC (1) First Lien/Senior Secured Debt 1,378 1,378 Taoglas Group Holdings Limited (Revolver) First Lien/Senior Secured Debt 645 N/A Wealth Enhancement Group, LLC (Revolver) First Lien/Senior Secured Debt 438 438 Total Unfunded Commitments $ 10,062 $ 13,787 (1) Delayed-draw term loan. In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that could lead to the execution of these provisions against the Company. Based on its history and experience, management believes that the likelihood of such an event is remote. In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency, or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company or result in direct losses to the Company. The nature of litigation can make it difficult to predict the impact a particular lawsuit will have on the Company. There are many reasons that the Company cannot make these assessments, including, among others, one or more of the following: the proceeding is in its early stages; the damages sought are unspecified, unsupportable, unexplained or uncertain; discovery has not started or is not complete; there are significant facts in dispute; and there are other parties who may share in any ultimate liability. In management’s opinio n, no direct losses with respect to litigation contingencies were probable as of March 31, 2023 and December 31, 2022 . Management is of the opinion that the ultimate resolution of such claims, if any, will not materially affect the Company’s business, financial position, results of operations, or liquidity. Furthermore, in management’s opinion, it is not possible to estimate a range of reasonably possible losses with respect to litigation contingencies. Income Taxes The Company has elected to be treated for U.S. federal income tax purposes and intends to comply with the requirements to qualify annually as a RIC under subchapter M of the Code and, among other things, intends to make the requisite distributions to its stockholders which will relieve the Company from U.S. federal income taxes. In order to qualify as a RIC, among other requirements, the Company is required to timely distribute to its stockholders at least 90.0 % of its investment company taxable income, as defined by the Code, for each fiscal tax year. The Company will be subject to a nondeductible U.S. federal excise tax of 4.0 % on undistributed income if it does not distribute at least 98.0 % of its ordinary income in any calendar year and 98.2 % of its capital gain net income for each one-year period ending on October 31. Depending on the level of taxable income earned in an excise tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next excise tax year and pay a 4.0 % excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. Since the Company’s IPO, the Company has not accrued or paid excise tax. The tax years ended December 31, 2022, 2021, 2020 and 2019 remain subject to examination by U.S. federal, state, and local tax authorities. No material interest expense or penalties have been assessed fo r the three months ended March 31, 2023 and 2022. If the Company was required to recognize interest and penalties, if any, related to unrecognized tax benefits this would be recognized as income tax expense in the consolidated statements of operations. For U.S. federal income tax purposes, as of March 31, 2023 , the aggregate net unrealized depreciation for all securities was $ 18.1 million. As of March 31, 2023 , gross unrealized appreciation was $ 12.7 million and gross unrealized depreciation was $ 30.8 million. The aggregate cost of securities for U.S. federal income tax purposes was $ 221.4 million as of March 31, 2023. For U.S. federal income tax purposes, as of December 31, 2022 , the aggregate net unrealized depreciation for all securities was $ 18.3 million. As of December 31, 2022 , gross unrealized appreciation was $ 13.1 million and gross unrealized depreciation was $ 31.4 million. The aggregate cost of securities for U.S. federal income tax purposes was $ 221.9 million as of December 31, 2022. The Company’s Taxable Subsidiaries record deferred tax assets or liabilities related to temporary book versus tax differences on the income or loss generated by the underlying equity investments held by the Taxable Subsidiaries. As of both March 31, 2023 and December 31, 2022 , the Company recorded a net deferred tax asset of zero . For both the three months ended March 31, 2023 and 2022 , the Company recorded a tax provision of zero . As of March 31, 2023 and December 31, 2022 , the valuation allowance on the Company’s deferred tax asset was $ 4.0 million and $ 4.0 million, respectively. During both the three months ended March 31, 2023 and 2022 , there was no change in the valuation allowance recognized by the Company. In accordance with certain applicable U.S. Treasury regulations and guidance issued by the Internal Revenue Service, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive its entire distribution in either cash or stock of the RIC, subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0 % of the aggregate declared distribution. If too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive the lesser of (a) the portion of the distribution such stockholder has elected to receive in cash or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. ASC Topic 740 — Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the consolidated statements of operations. As of March 31, 2023 and December 31, 2022 , there were no uncertain tax positions. The Company is required to determine whether a tax position of the Company is more-likely-than-not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized could result in the Company recording a tax liability that could negatively impact the Company’s net assets. Distributions Distributions to the Company’s common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board. Net capital gains, if any, are generally distributed at least annually, although we may decide to retain such capital gains for reinvestment. The Company has adopted an “opt out” dividend reinvestment plan (“DRIP”) for the Company’s common stockholders. As a result, if the Company declares a distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of the Company’s common stock unless a stockholder specifically “opts out” of our DRIP. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state, and local taxes in the same manner as cash distributions, stockholders participating in the Company’s DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes. Company Investment Risk, Concentration of Credit Risk and Liquidity Risk The Investment Adviser has broad discretion in making investments for the Company. Investments will generally consist of debt and equity instruments that may be affected by business, financial market, or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate. The value of the Company’s investments may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan. The value of the Company’s investments may also be detrimentally affected to the extent observable primary or secondary market yields for similar instruments issued by comparable companies increase materially or risk premiums in the market between smaller companies, such as our borrowers, and those for which market yields are observable increase materially. The Investment Adviser may attempt to minimize this risk by maintaining low debt-to-liquidation values with each debt investment and the collateral underlying the debt investment. The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Investments and Fair Value Measurements | Note 3. Investments and Fair Value Measurements The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company offers customized financing to business owners, management teams, and financial sponsors for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion, and other growth initiatives. The Company invests in first lien loans, and, to a lesser extent, second lien loans and equity securities issued by lower m iddle-market and traditional middle-market companies. As of March 31, 2023, our portfolio consisted of investments in 59 portfolio companies with a fair value of approximately $ 203.3 million. As of December 31, 2022 , our portfolio consisted of investments in 59 portfolio companies with a fair value of approximately $ 203.6 million. Most of the Company’s debt investments are structured as first lien loans. First lien loans may contain some minimum amount of principal amortization, excess cash flow sweep feature, prepayment penalties, or any combination of the foregoing. First lien loans are secured by a first priority lien in existing and future assets of the borrower and may take the form of term loans, delayed draw facilities, or revolving credit facilities. Unitranche debt, a form of first lien loan, typically involves issuing one debt security that blends the risk and return profiles of both senior secured and subordinated debt, bifurcating the loan into a first-out tranche and last-out tranche. As of March 31, 2023, 1.3 % of the fair value of our first lien loans consisted of last-out loans. As of December 31, 2022 , 1.9 % of the fair value of our first lien loans consisted of last-out loans. In some cases, first lien loans may be subordinated, solely with respect to the payment of cash interest, to an asset based revolving credit facility. The Company also invests in debt instruments structured as second lien loans. Second lien loans are loans which have a second priority security interest in all or substantially all of the borrower’s assets, and in some cases, may be subject to the interruption of cash interest payments upon certain events of default, at the discretion of the first lien lender. During the three months ended March 31, 2023, we made approximately $ 7.4 million of investments and had approximately $ 6.7 million in repayments and sales, resulting in net deployment of approximately $ 0.7 million for the period. During the three months ended March 31, 2022 , the Company made $ 16.4 million of investments and had approximately $ 8.4 million in repayments and sales, resulting in net deployment of approximately $ 8.0 million for the period. As of March 31, 2023, the Company’s Investment Adviser approved the fair value of the Company’s investment portfolio of approximately $ 203.3 million in good faith in accordance with the Company’s valuation procedures. The Company’s Investment Adviser approved the fair value of the Company’s investment portfolio as of March 31, 2023 with input from third-party valuation firms and the Investment Adviser, as valuation designee, based on information known or knowable as of the valuation date, including trailing and forward looking data. The composition of our investments as of March 31, 2023, at amortized cost and fair value was as follows (dollars in thousands): Investments at Amortized Cost Investments at Fair Value First Lien Debt $ 144,304 65.4 % $ 137,563 67.7 % Second Lien Debt 8,444 3.8 % 6,775 3.3 % Subordinated Debt 26,573 12.1 % 24,696 12.1 % Collateralized Loan Obligations 4,622 2.1 % 4,207 2.1 % Joint Venture 470 0.2 % 456 0.2 % Equity 36,065 16.4 % 29,640 14.6 % Total $ 220,478 100.0 % $ 203,337 100.0 % The composition of our investments as of December 31, 2022, at amortized cost and fair value was as follows (dollars in thousands): Investments at Amortized Cost Investments at Fair Value First Lien Debt $ 143,047 64.9 % $ 136,896 67.3 % Second Lien Debt 8,283 3.8 % 6,464 3.2 % Subordinated Debt 26,571 12.0 % 25,851 12.7 % Collateralized Loan Obligations 6,185 2.8 % 4,972 2.4 % Joint Venture 414 0.2 % 403 0.2 % Equity 36,016 16.3 % 29,006 14.2 % Total $ 220,516 100.0 % $ 203,592 100.0 % As noted above, the Company values all investments in accordance with Rule 2a-5 under the 1940 Act and ASC 820. ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 — Valuations based on inputs other than quoted prices in active markets, which are either directly or indirectly observable. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The Company employs the valuation policy approved by the Board that is consistent with ASC 820 (see Note 2). Consistent with the Company’s valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value. In estimating the fair value of portfolio investments, the Company starts with the cost basis of the investment, which includes amortized original issue discount and PIK income, if any. The transaction price is typically the best estimate of fair value at inception. When evidence supports a subsequent change to the carrying value from the original transaction price, adjustments are made to reflect the expected fair values. The following table presents the fair value measurements of investments, by major class, as of March 31, 2023, according to the fair value hierarchy (dollars in thousands): Fair Value Measurements Level 1 Level 2 Level 3 NAV Total First Lien Debt $ — $ — $ 137,563 $ — $ 137,563 Second Lien Debt — — 6,775 — 6,775 Subordinated Debt — — 24,696 — 24,696 Collateralized Loan Obligations — — 4,207 — 4,207 Joint Venture — — — 456 456 Equity — — 29,640 — 29,640 Total $ — $ — $ 202,881 $ 456 $ 203,337 The following table presents fair value measurements of investments, by major class, as of December 31, 2022, according to the fair value hierarchy (dollars in thousands): Fair Value Measurements Level 1 Level 2 Level 3 NAV Total First Lien Debt $ — $ — $ 136,896 $ — $ 136,896 Second Lien Debt — — 6,464 — 6,464 Subordinated Debt — — 25,851 — 25,851 Collateralized Loan Obligations — — 4,972 — 4,972 Joint Venture — — — 403 403 Equity — — 29,006 — 29,006 Total $ — $ — $ 203,189 $ 403 $ 203,592 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2023 (dollars in thousands): First Lien Second Lien Subordinated Collateralized Loan Obligations Equity Total Balance as of January 1, 2023 $ 136,896 $ 6,464 $ 25,851 $ 4,972 $ 29,006 $ 203,189 Repayments/sales ( 6,529 ) — — ( 97 ) ( 87 ) ( 6,713 ) Purchases 7,388 — — — — 7,388 Payment-in-kind interest and dividends accrued 268 145 2 — 49 464 Accretion of original issue discount 131 16 — 127 — 274 Net realized (loss) gain on investments — — — ( 1,593 ) 87 ( 1,506 ) Net change in unrealized (depreciation) appreciation on investments ( 591 ) 150 ( 1,157 ) 798 585 ( 215 ) Balance as of March 31, 2023 $ 137,563 $ 6,775 $ 24,696 $ 4,207 $ 29,640 $ 202,881 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2022 (dollars in thousands): First Lien Second Lien Subordinated Collateralized Loan Obligations Equity Total Balance as of January 1, 2022 $ 98,251 $ 30,190 $ 5,050 $ 7,717 $ 56,981 $ 198,189 Repayments/sales ( 8,096 ) — — ( 276 ) ( 29 ) ( 8,401 ) Purchases 11,285 3,086 2,022 — — 16,393 Payment-in-kind interest and dividends accrued — 38 44 — 50 132 Accretion of original issue discount 60 ( 5 ) 1 343 — 399 Net realized (loss) gain on investments 13 — — — ( 49 ) ( 36 ) Net unrealized appreciation (depreciation) on investments ( 850 ) ( 89 ) ( 2 ) ( 585 ) 1,755 229 Balance as of March 31, 2022 $ 100,663 $ 33,220 $ 7,115 $ 7,199 $ 58,708 $ 206,905 The net change in unrealized (depreciation) appreciation on investments held was $( 0.1 ) million and $ 0.2 million for the three months ended March 31, 2023 and 2022, respectively, and is included in net change in unrealized (depreciation) appreciation on investments on the consolidated statements of operations. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of March 31, 2023 were as follows: Fair Value Valuation Unobservable Range of Input (2) First lien debt $ 6.1 Market Broker/Dealer Quotes N/A First lien debt 110.9 Income Required Rate of Return 6.5 % – 30.0 % ( 12.4 %) First lien debt 14.4 Enterprise Market Value EBITDA Multiple 5.5 x – 6.8 x ( 6.1 x) First lien debt 6.2 Enterprise Market Value Revenue Multiple 0.5 x Second lien debt 2.7 Market Broker/Dealer Quotes N/A Second lien debt 3.7 Income Required Rate of Return 2.3 % – 18.7 % ( 16.4 %) Second lien debt 0.4 Enterprise Market Value EBITDA Multiple 4.7 x Subordinated debt 24.1 Income Required Rate of Return 5.8 % – 13.5 % ( 11.9 %) Subordinated debt 0.6 Enterprise Market Value EBITDA Multiple 8.5 x Collateralized Loan Obligations 4.2 Income Discount Margin 21.5 % – 24.8 % ( 23.6 %) Equity 0.1 Income Stock Price $ 117.3 2.0 35.0 % Equity 27.3 Enterprise Market Value and Asset (1) EBITDA Multiple 0.3 x – 15.8 x ( 6.3 x) Equity 2.2 Enterprise Market Value Revenue Multiple 0.5 x – 1.1 x ( 1.1 x) $ 202.9 (1) $ 1.0 million in equity was valued using the asset approach. (2) The weighted averages disclosed in the table above were weighted by their relative fair value. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of December 31, 2022 were as follows: Fair Value Valuation Unobservable Range of Input (2) First lien debt $ 7.4 Market Broker/Dealer Quotes N/A First lien debt 123.5 Income Required Rate of Return 6.0 % – 30.0 % ( 12.2 %) First lien debt 6.0 Enterprise Market Value Revenue Multiple 0.4 x Second lien debt 2.6 Market Broker/Dealer Quotes N/A Second lien debt 3.4 Income Required Rate of Return 1.6 % – 18.7 % ( 16.1 %) Second lien debt 0.4 Enterprise Market Value Revenue Multiple 4.7 x Subordinated debt 25.9 Income Required Rate of Return 5.9 % – 18.9 % ( 10.4 %) Collateralized loan obligations 5.0 Income Discount Margin 21.5 % – 24.8 % ( 23.6 %) Equity 0.1 Income Stock Price $ 115.8 2.0 35.0 % Equity 26.2 Enterprise Market Value and Asset (1) EBITDA Multiple 3.3 x – 15.8 x ( 6.4 x) Equity 2.7 Enterprise Market Value Revenue Multiple 0.3 x – 1.0 x ( 0.9 x) $ 203.2 (1) $ 1.0 million in equity was valued using the asset approach. (2) The weighted averages disclosed in the table above were weighted by their relative fair value. The significant unobservable inputs used in the valuation of the Company’s investments are required rate of return, EBITDA multiples, revenue multiples, discount margin, stock price, projected time to exit and volatility. Changes in any of these unobservable inputs could have a significant impact on the Company’s estimate of fair value. An increase (decrease) in the required rate of return or discount margin will result in a lower (higher) estimate of fair value, respectively, while an increase (decrease) in adjusted EBITDA or revenue multiples, stock price, projected time to exit (option-pricing model) or volatility will result in a higher (lower) estimate of fair value, respectively. Great Lakes Funding II LLC In August 2022, the Company invested in Great Lakes Funding II LLC - Series A (the “Great Lakes II Joint Venture”), a joint venture with an investment strategy to underwrite and hold senior, secured unitranche loans made to middle-market companies. The Company treats its investment in the Great Lakes II Joint Venture as a joint venture since an affiliate of the Investment Adviser controls a 50 % voting interest in the Great Lakes II Joint Venture. The Great Lakes II Joint Venture is a Delaware series limited liability company, and pursuant to the terms of the Great Lakes Funding II LLC Limited Liability Company Agreement (the “Great Lakes II LLC Agreement”), prior to the end of the investment period with respect to each series established under the Great Lakes II LLC Agreement, each member of the predecessor series would be offered the opportunity to roll its interests into any subsequent series of the Great Lakes II Joint Venture. The Company does not pay any advisory fees in connection with its investment in the Great Lakes II Joint Venture. Certain other funds managed by the Investment Adviser or its affiliates have also invested in the Great Lakes II Joint Venture. The fair value of the Company’s investment in the Great Lakes II Joint Venture at March 31, 2023 and December 31, 2022 was $ 0.4 million and $ 0.4 million, respectively. Fair value has been determined utilizing the net asset value as a practical expedient pursuant to U.S. GAAP. Pursuant to the terms of the Great Lakes II LLC Agreement, the Company generally may not effect any direct or indirect sale, transfer, assignment, hypothecation, pledge or other disposition of or encumbrance upon its interests in the Great Lakes II Joint Venture, except that the Company may sell or otherwise transfer its interests with the consent of the managing members of the Great Lakes II Joint Venture or to an affiliate or a successor to substantially all of the assets of the Company. As of March 31, 2023 , the Company has less than $ 0.1 million of unfunded commitment to the Great Lakes II Joint Venture. |
Transactions With Affiliated Co
Transactions With Affiliated Companies | 3 Months Ended |
Mar. 31, 2023 | |
Investments In And Advances To Affiliates [Abstract] | |
Transactions With Affiliated Companies | Note 4. Transactions With Affiliated Companies During the three months ended March 31, 2023, the Company had investments in portfolio companies designated as affiliates under the 1940 Act. Transactions with affiliates were as follows (dollars in thousands): Company (4) Type of Investment Principal Amount Amount of Interest, Fees or Dividends Credited to Income (1) December 31, Gross Additions (2) Gross Reductions (3) Realized Gain/(Loss) Unrealized Appreciation (Depreciation) March 31, Affiliate investments Burgaflex Holdings, LLC Common Stock Class B ( 1,085,073 shares) $ — $ — $ 2,190 $ — $ — $ — $ ( 17 ) $ 2,173 Burgaflex Holdings, LLC Common Stock Class A ( 1,253,198 shares) — — 2,802 — — — ( 54 ) 2,748 — 4,992 — — — ( 71 ) 4,921 GA Communications, Inc. Series A-1 Preferred Stock ( 1,998 shares) — — 3,562 — — — 376 3,938 GA Communications, Inc. Series B-1 Common Stock ( 200,000 shares) — — — — — — — — — 3,562 — — — 376 3,938 Great Lakes Funding II LLC Series A — 14 403 56 ( 1 ) — ( 2 ) 456 14 403 56 ( 1 ) — ( 2 ) 456 GreenPark Infrastructure, LLC Series A ( 400 Units) — — 200 — — — — 200 GreenPark Infrastructure, LLC Series M-1 ( 200 Units) — — 69 — — — — 69 — 269 — — — — 269 MMI Holdings, LLC First Lien Debt ( 12.00 % Cash, Due 4/1/22 ) 2,600 79 2,600 — — — — 2,600 MMI Holdings, LLC Second Lien Debt ( 6.00 % Cash, Due 4/1/22 ) 400 18 400 12 — — ( 12 ) 400 MMI Holdings, LLC (5) Preferred Units ( 1,000 units, 8.00 % PIK Dividend) — 31 1,360 31 — — ( 31 ) 1,360 MMI Holdings, LLC Common Membership Units ( 45 units) — — — — — — — — 128 4,360 43 — — ( 43 ) 4,360 Nth Degree Investment Group, LLC Membership Units ( 6,088,000 units) — — 5,320 — — — 1,020 6,340 — 5,320 — — — 1,020 6,340 RAM Payment, LLC First Lien Debt ( 9.66 % Cash (1 month LIBOR + 5.00 %), 1.50 % Floor ), Due 1/4/24 ) 679 7 939 — ( 260 ) — — 679 RAM Payment, LLC First Lien Debt ( 13.00 % Cash, Due 1/4/24 ) 1,840 60 2,547 — ( 707 ) — — 1,840 RAM Payment, LLC (5) Preferred Units ( 86,000 units, 6.00 % PIK Dividend) — 17 3,165 17 — — ( 430 ) 2,752 84 6,651 17 ( 967 ) — ( 430 ) 5,271 Sierra Hamilton Holdings Corporation Second Lien Debt ( 15.00 % PIK, Due 9/12/23 ) 4 — 4 — — — — 4 Sierra Hamilton Holdings Corporation Common Stock ( 27,396,364 shares) — — 254 — — — 183 437 — 258 — — — 183 441 V12 Holdings, Inc. Second Lien Debt 509 — 509 — — — — 509 — 509 — — — — 509 Total Affiliate investments $ 226 $ 26,324 $ 116 $ ( 968 ) $ — $ 1,033 $ 26,505 (1) Represents the total amount of interest, original issue discount, fees and dividends credited to income for the portion of the year an investment was included in Affiliate or Control categories, respectively. (2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK and accretion of original issue discount. Gross additions also include transfers into Affiliate or Control classification. (3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification. (4) All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted. (5) The equity investment is income producing, based on rate disclosed. During the year ended December 31, 2022, the Company had investments in portfolio companies designated as affiliates under the 1940 Act. Transactions with affiliates were as follows (dollars in thousands): Company (4) Type of Investment Principal Amount Amount of Interest, Fees or Dividends Credited to Income (1) December 31, Gross Additions (2) Gross Reductions (3) Realized Gain/(Loss) Unrealized Appreciation (Depreciation) December 31, Affiliate investments (6) Burgaflex Holdings, LLC Common Stock Class B ( 1,085,073 shares) $ — $ — $ 1,528 $ — $ — $ — $ 662 $ 2,190 Burgaflex Holdings, LLC Common Stock Class A ( 1,253,198 shares) — — 1,193 — — — 1,609 2,802 — 2,721 — — — 2,271 4,992 GA Communications, Inc. Series A-1 Preferred Stock ( 1,998 shares) — — 4,394 — — — ( 832 ) 3,562 GA Communications, Inc. Series B-1 Common Stock ( 200,000 shares) — — 185 — — — ( 185 ) — — 4,579 — — — ( 1,017 ) 3,562 Great Lakes Funding II LLC Series A — 14 — 517 ( 103 ) — ( 11 ) 403 14 — 517 ( 103 ) — ( 11 ) 403 GreenPark Infrastructure, LLC Series A ( 400 Units) — — — 200 — — — 200 GreenPark Infrastructure, LLC Series M-1 ( 200 Units) — — — 69 — — — 69 — — 269 — — — 269 LJS Partners, LLC Preferred Units ( 202,336 units) — — 843 — ( 979 ) 542 ( 406 ) — LJS Partners, LLC Common Membership Units ( 2,593,234 units) — — 7,164 — ( 2,354 ) 1,130 ( 5,940 ) — — 8,007 — ( 3,333 ) 1,672 ( 6,346 ) — MMI Holdings, LLC First Lien Debt ( 12.0 % Cash, Due 4/1/22 ) 2,600 308 2,600 — — — — 2,600 MMI Holdings, LLC Second Lien Debt ( 6.0 % Cash, Due 4/1/22 ) 400 24 400 — — — — 400 MMI Holdings, LLC (5) Preferred Units ( 1,000 units, 8.0 % PIK Dividend) — 118 1,898 118 — — ( 656 ) 1,360 MMI Holdings, LLC Common Membership Units ( 45 units) — — 63 — — — ( 63 ) — 450 4,961 118 — — ( 719 ) 4,360 Nth Degree Investment Group, LLC Membership Units ( 6,088,000 units) — — — — — — 5,320 5,320 — — — — — 5,320 5,320 RAM Payment, LLC First Lien Debt ( 6.5 % Cash ( 1 month LIBOR + 5.0 %), 1.5 % Floor ), Due 1/4/24 ) 939 82 998 — ( 59 ) — — 939 RAM Payment, LLC First Lien Debt ( 12.45 % Cash, Due 1/4/24 ) 2,547 291 2,706 — ( 159 ) — — 2,547 RAM Payment, LLC (5) Preferred Units ( 86,000 units, 6.0 % PIK Dividend) — 69 3,726 69 — — ( 630 ) 3,165 442 7,430 69 ( 218 ) — ( 630 ) 6,651 Sierra Hamilton Holdings Corporation Second Lien Debt ( 15.0 % PIK, Due 9/12/23 ) 3 1 3 1 — — — 4 Sierra Hamilton Holdings Corporation Common Stock ( 15,068,000 shares) — — 330 — — — ( 76 ) 254 1 333 1 — — ( 76 ) 258 V12 Holdings, Inc. Second Lien Debt 509 — 509 — — — — 509 — 509 — — — — 509 Total Affiliate investments $ 907 $ 28,540 $ 974 $ ( 3,654 ) $ 1,672 $ ( 1,208 ) $ 26,324 Control investments Vology, Inc. First Lien Debt ( 10.5 % Cash ( 1 month LIBOR + 8.5 %, 2.0 % Floor ), Due 3/31/22 ) $ — $ 228 $ 3,635 $ — $ ( 3,635 ) $ — $ — $ — Vology, Inc. Class A Preferred Units ( 9,041,810 Units) — — 3,204 — — ( 5,215 ) 2,011 — Vology, Inc. Membership Units ( 5,363,982 Units) — — — — — — — — Total Control investments $ 228 $ 6,839 $ — $ ( 3,635 ) $ ( 5,215 ) $ 2,011 $ — (1) Represents the total amount of interest, original issue discount, fees and dividends credited to income for the portion of the year an investment was included in Affiliate or Control categories, respectively. (2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK and accretion of original issue discount. Gross additions also include transfers into Affiliate or Control classification. (3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification. (4) All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted. (5) The equity investment is income producing, based on rate disclosed. (6) During the second quarter of 2022, Eastport Holdings, LLC completed a refinancing and recapitalization transaction. Logan Ridge received $ 16.5 million in cash and $ 19.3 million in principal of a new debt security in exchange for all of its previous debt and equity securities, which resulted in a realized gain of approximately $ 16.0 million on the Company's equity interest. As a result of this transaction, Eastport Holdings, LLC is no longer an affiliate of the Company. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Note 5. Agreements and Related Party Transactions Investment Advisory Agreement On July 1, 2021, the Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Investment Adviser, which was approved by the Company’s stockholders on May 27, 2021. Unless earlier terminated in accordance with its terms, the Investment Advisory Agreement will remain in effect until July 1, 2023, a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by the Board or by a majority of our outstanding voting securities, including, in either case, by a majority of our directors who are not “interested persons” as such term is defined in Section 2(a)(19) of the 1940 Act (“Independent Directors”). Subject to the overall supervision of the Board, the Investment Adviser manages our day-to-day operations and provides investment advisory and management services to us. Under the terms of the Investment Advisory Agreement, the Investment Adviser: determines the composition of our portfolio, the nature and timing of the changes to our portfolio, and the manner of implementing such changes; identifies, evaluates, and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies); closes and monitors the investments we make; and provides us with other investment advisory, research, and related services as we may from time to time require. The Investment Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to us are not impaired. The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith, or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Investment Adviser and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs, and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of our Investment Adviser’s services under the Investment Advisory Agreement or otherwise as Investment Adviser for the Company. Pursuant to the Investment Advisory Agreement, the Company has agreed to pay the Investment Adviser a fee for investment advisory and management services consisting of two components — a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 1.75 % of the gross assets, which are the total assets reflected on the consolidated statements of assets and liabilities and includes any borrowings for investment purposes. Although the Company does not anticipate making significant investments in derivative financial instruments, the fair value of any such investments, which will not necessarily equal their notional value, will be included in the calculation of gross assets. For services rendered under the Investment Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. The incentive fee consists of the following two parts: The first part of the incentive fee is calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income, and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, diligence, and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement to our Administrator, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 2.0 % per quarter ( 8.0 % annualized). The Company pays the Investment Adviser an incentive fee with respect to the pre-incentive fee net investment income in each calendar quarter as follows: no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle of 2.0 %; 100 % of the pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle but is less than 2.5 % in any calendar quarter ( 10.0 % annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle but is less than 2.5 %) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with 20 % of the pre-incentive fee net investment income as if a hurdle did not apply if this net investment income exceeds 2.5 % in any calendar quarter; and 20 % of the amount of the pre-incentive fee net investment income, if any, that exceeds 2.5 % in any calendar quarter ( 10.0 % annualized) is payable to the Investment Adviser (once the hurdle is reached and the catch-up is achieved, 20 % of all pre-incentive fee investment income thereafter is allocated to the Investment Adviser). The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year, commencing on December 31, 2021, and equals 20.0 % of the Company’s realized capital gains, if any, on a cumulative basis with respect to each of the investments in the Company’s portfolio from the fiscal quarter ending on or immediately prior to July 1, 2021 through the end of each calendar year beginning with the calendar year ending December 31, 2021, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from September 30, 2021 through the end of each calendar year beginning with the calendar year ending December 31, 2021, less the aggregate amount of any previously paid capital gain fees under the Investment Advisory Agreement. Any realized capital gains, realized capital losses and unrealized capital depreciation with respect to the Company’s portfolio as of the end of the fiscal quarter ending on or immediately prior to July 1, 2021 are excluded from the calculations of the capital gains fee. In the event that the Investment Advisory Agreement terminates as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee. The Company will defer cash payment of the portion of any incentive fee otherwise earned by the Investment Adviser that would, when taken together with all other incentive fees paid to the Investment Adviser during the most recent 12 full calendar month period ending on or prior to the date such payment is to be made, exceed 20 % of the sum of (a) the pre-incentive fee net investment income during such period, (b) the net unrealized appreciation or depreciation during such period and (c) the net realized capital gains or losses during such period. Any deferred incentive fees will be carried over for payment in subsequent calculation periods to the extent such payment is payable under the Investment Advisory Agreement. As of March 31, 2023 and December 31, 2022 , the Company did no t have incentive fees payable to the Investment Adviser related to fees earned in prior years but deferred under the incentive fee deferral mechanism. As part of the Transaction, the Investment Adviser entered into a two-year contractual fee waiver (the “Fee Waiver”) with the Company to waive, to the extent necessary, any capital gains fee under the Investment Advisory Agreement that exceeds what would have been paid to Capitala in the aggregate over such two-year period under the prior advisory agreement. For the three months ended March 31, 2023 and 2022, the Company incurred $ 0.9 million and $ 1.0 mil lion in base management fees, respectively. The Company did no t an earn incentive fee related to pre-incentive fee net investment income or capital gains for the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, the Company had $ 0.9 million and $ 0.9 million, respectively, of management and incentive fees payable to the Investment Adviser. These amounts are reflected in the accompanying consolidated statements of assets and liabilities under the caption “Management and incentive fees payable.” Administration Agreement On July 1, 2021, the Company entered into the Administration Agreement, pursuant to which the Administrator has agreed to furnish the Company with office facilities, equipment and clerical, bookkeeping, and record keeping services at such facilities. The Administrator also performs or oversees the performance of the required administrative services, which include, among other things, being responsible for the financial records that the Company is required to maintain and preparing reports to our stockholders. In addition, the Administrator assists in determining and publishing the net asset value, oversees the preparation and filing of the tax returns and the printing and dissemination of reports to the stockholders, and generally oversees the payment of the expenses and the performance of administrative and professional services rendered to the Company by others. Payments under the Administration Agreement are equal to an amount based upon the allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and the allocable portion of the compensation of the chief financial officer, the chief compliance officer, and their respective administrative support staff. Under the Administration Agreement, the Administrator will also provide, on the Company’s behalf, managerial assistance to those portfolio companies that request such assistance. Unless terminated earlier in accordance with its terms, the Administration Agreement was renewed on May 9, 2023 for a period of one year effective July 1, 2023 and will remain in effect until July 1, 2024. It will remain in effect from year-to-year thereafter if approved annually by the Board. To the extent that the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without any incremental profit to our Administrator. Stockholder approval is not required to amend the Administration Agreement. For the three months ended March 31, 2023 and 2022, the Company accrued $ 0.3 million and $ 0.1 million, respectively, for the Company’s allocable portion of the Administrator’s overhead. The Administration Agreement provides that, absent willful misfeasance, bad faith, or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, our Administrator and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs, and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of our Administrator’s services under the Administration Agreement or otherwise as Administrator for the Company. Co-investment Exemptive Relief As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. On April 10, 2023, superseding a prior exemptive order granted on October 23, 2018, the SEC issued an order granting an application for exemptive relief to us and certain of our affiliates that allows BDCs managed by the Investment Adviser, including Logan Ridge, to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Investment Adviser or its affiliates, certain proprietary accounts of the Investment Adviser or its affiliates and any future funds that are advised by the Investment Adviser or its affiliated investment advisers. Under the terms of the exemptive order, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(0) of the 1940 Act) of the Company's independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching with respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's investment objectives and strategies and certain criteria established by the Board. Potential Conflicts of Interest The members of the senior management and investment teams of the Investment Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may or may not be in the Company's best interests or in the best interest of the Company's stockholders. The Company's investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6. Borrowings 2022 Notes On May 16, 2017 , the Company issued $ 70.0 million in aggregate principal amount of 6.0 % fixed-rate notes due May 31, 2022 (the “2022 Notes”). On May 25, 2017 , the Company issued an additional $ 5.0 million in aggregate principal amount of the 2022 Notes pursuant to a partial exercise of the underwriters’ overallotment option. On November 1, 2021 , the Company notified the Trustee for the Company's 2022 Notes, of the Company's election to redeem $ 50.0 million aggregate principal amount of the 2022 Notes outstanding. The redemption was completed on December 6, 2021 . On May 31, 2022 , the remaining 2022 Notes reached maturity, and the entire outstanding principal of the 2022 Notes became payable and was paid by the Company. Accordingly, as of March 31, 2023 and December 31, 2022 , there were no 2022 Notes outstanding. The 2022 Notes were scheduled to mature on May 31, 2022 and could be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2019 at a redemption price equal to 100 % of the outstanding principal, plus accrued and unpaid interest. Interest on the 2022 Notes was payable quarterly. The 2022 Notes were listed on the NASDAQ Global Select Market under the trading symbol “ CPTAL” with a par value of $ 25.00 per share. The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2022 Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense N/A $ 392 Deferred financing costs N/A 27 Total interest and financing expenses N/A $ 419 Average outstanding balance N/A $ 22,833 Average stated interest rate N/A 6.00 % 2022 Convertible Notes On May 26, 2017 , the Company issued $ 50.0 million in aggregate principal amount of 5.75 % fixed-rate convertible notes due May 31, 2022 (the “2022 Convertible Notes”). On June 26, 2017 , the Company issued an additional $ 2.1 million in aggregate principal amount of the 2022 Convertible Notes pursuant to a partial exercise of the underwriters’ overallotment option. On May 31, 2022, the 2022 Convertible Notes reached maturity, and the entire outstanding principal of the 2022 Convertible Notes became payable, and was paid by the Company. Accordingly, as of March 31, 2023 and December 31, 2022 , there were no 2022 Convertible Notes outstanding. The 2022 Convertible Notes were convertible, at the holder’s option, into shares of the Company’s common stock at any time on or prior to the close of business on the business day immediately preceding the maturity date. The conversion rate for the 2022 Convertible Notes was initially 1.5913 shares per $ 25.00 principal amount of 2022 Convertible Notes (equivalent to an initial conversion price of approximately $ 15.71 per share of common stock). The initial conversion premium was approximately 14.0 %. As a result of the reverse stock split, the conversion rate for the 2022 Convertible Notes was 0.2652 shares per $ 25.00 principal amount of 2022 Convertible Notes (equivalent to a conversion price of approximately $ 94.26 ), effective August 21, 2020 . Upon conversion, the Company was obligated to deliver shares of its common stock (and cash in lieu of fractional shares). The conversion rate was subject to adjustment if certain events occurred as outlined in the supplemental indenture relating to the 2022 Convertible Notes. The Company determined that the embedded conversion option in the 2022 Convertible Notes was not required to be separately accounted for as a derivative under U.S. GAAP. In addition, pursuant to a “fundamental change”, as defined in the supplemental indenture relating to the 2022 Convertible Notes, holders of the 2022 Convertible Notes could require the Company to repurchase for cash all or part of their 2022 Convertible Notes at a repurchase price equal to 100.0 % of the principal amount of the 2022 Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the repurchase date. The 2022 Convertible Notes were not redeemable prior to maturity and no “sinking fund” was provided for the 2022 Convertible Notes. The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2022 Convertible Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense N/A $ 749 Deferred financing costs N/A 100 Total interest and financing expenses N/A $ 849 Average outstanding balance N/A $ 52,088 Average stated interest rate N/A 5.75 % 2026 Notes On October 29, 2021 , the Company issued $ 50.0 million in aggregate principal amount of 5.25 % fixed-rate notes due October 30, 2026 (the “2026 Notes”) pursuant to a supplemental indenture with U.S. Bank National Association (the “Trustee”), which supplements that certain base indenture, dated as of June 16, 2014 . The 2026 Notes were issued in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds to the Company were approximately $ 48.8 million, after deducting estimated offering expenses. The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25 % per year payable semi-annually on April 30 and October 30 of each year , commencing on April 30, 2022 . The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of October 29, 2021 (the “Registration Rights Agreement”), with the purchasers of the 2026 Notes. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the Securities and Exchange Commission a registration statement relating to an offer to exchange the 2026 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2026 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective. As of March 31, 2023 and December 31, 2022, the Company had $ 50.0 million and $ 50.0 million, respectively in 2026 Notes outstanding. The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2026 Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense $ 706 $ 705 Deferred financing costs 38 29 Total interest and financing expenses $ 744 $ 734 Average outstanding balance $ 50,000 $ 50,000 Average stated interest rate 5.25 % 5.25 % 2032 Convertible Notes On April 1, 2022 , the Company issued $ 15.0 million in aggregate principal amount of 5.25 % fixed-rate convertible notes due April 1, 2032 (the “2032 Convertible Notes”). The 2032 Convertible Notes are convertible, at the holder’s option and at any time on or prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of the Company’s common stock as is equal to the principal balance of the notes being converted on such date divided by the “Conversion Price,” as described below. The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. The “Conversion Price” will be equal to the average “Closing Sale Price” for the five “Trading Days” immediately prior to the relevant “Conversion Date,” as those terms are defined in the Purchase Agreement, subject to certain anti-dilutive provisions, as further described in the Purchase Agreement. No holder of a 2032 Convertible Note will be entitled to convert any such note or portion thereof if such conversion would result in more than $ 7,500,000 in principal amount of 2032 Convertible Notes being converted in any such calendar quarter. The Company has determined that the embedded conversion option in the 2032 Convertible Notes is not required to be separately accounted for as a derivative under U.S. GAAP. The Company obtained an Investment Grade rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the 2032 Convertible Notes. The 2032 Convertible Notes have a fixed interest rate of 5.25 % per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022 , subject to a step up of 0.75 % per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0 % per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default. ” The Company intends to use the net proceeds from the offering of the 2032 Convertible Notes for general corporate purposes, which may include repaying outstanding indebtedness, making opportunistic investments and paying corporate expenses. In addition, on the occurrence of a “Change in Control Repurchase Event” or “Delisting Event,” as defined in the Purchase Agreement, the Company will generally be required to make an offer to purchase the outstanding 2032 Convertible Notes at a price equal to 100 % of the principal amount of such 2032 Convertible Notes plus accrued and unpaid interest to the repurchase date. The 2032 Convertible Notes are redeemable prior to maturity. No “sinking fund” is provided for the 2032 Convertible Notes . As of March 31, 2023 and December 31, 2022, the Company had $ 15.0 million and $ 15.0 million, respectively, in 2032 Convertible Notes outstanding. The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2032 Convertible Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense $ 223 $ — Deferred financing costs 3 — Total interest and financing expenses $ 226 $ — Average outstanding balance $ 15,000 $ — Average stated interest rate 5.25 % N/A KeyBank Credit Facility On October 30, 2020 , Capitala Business Lending, LLC ( “CBL”), a direct, wholly owned, consolidated subsidiary of the Company, entered into a senior secured revolving credit agreement (“the KeyBank Credit Facility”), with the investment adviser at the time, as collateral manager, the lenders from time to time parties thereto (each a “Lender”), KeyBank National Association, as administrative agent, and U.S. Bank National Association, as custodian. The KeyBank Credit Facility was amended on May 10, 2022 and October 20, 2022. Under the KeyBank Credit Facility, the Lenders have agreed to extend credit to CBL in an aggregate principal amount of up to $ 75.0 million as of May 10, 2022, with an uncommitted accordion feature that allows the Company to borrow up to an additional $ 125.0 million. T he KeyBank Credit Facility matures on May 10, 2027 , unless there is an earlier termination or event of default . The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90 % during the 3-year revolving period and 3.25 % thereafter, with a 0.40 % 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00 % if utilization is less than or equal to 30.0%, (2) 0.65 % if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35 % if utilizat ion is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. As of March 31, 2023 and December 31, 2022, there were draws of $ 58.4 million and $ 55.9 million , respectively, on the KeyBank Credit Facility. The KeyBank Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2023 and December 31, 2022, assets pledged to secure the KeyBank Credit Facility had a fair value of $ 125.5 million and $ 111.3 million, respectively. The following table summarizes the interest expense, deferred financing costs, unused commitment fees, average outstanding balance, and average stated interest rate on the KeyBank Credit Facility for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense $ 996 $ 28 Deferred financing costs 84 48 Unused commitment fees 19 110 Total interest and financing expenses $ 1,099 $ 186 Average outstanding balance $ 53,219 $ — Average stated interest rate 7.42 % N/A Financial Instruments Disclosed, But Not Carried, At Fair Value The following table presents the outstanding principal and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of March 31, 2023, and the level of each financial liability within the fair value hierarchy (dollars in thousands): Outstanding Fair Value Level 1 Level 2 Level 3 2026 Notes $ 50,000 $ 50,000 $ — $ — $ 50,000 2032 Convertible Notes 15,000 15,000 — — 15,000 KeyBank Credit Facility 58,378 58,378 — — 58,378 Total $ 123,378 $ 123,378 $ — $ — $ 123,378 The following table presents the outstanding principal and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2022, and the level of each financial liability within the fair value hierarchy (dollars in thousands): Outstanding Fair Value Level 1 Level 2 Level 3 2026 Notes $ 50,000 $ 50,000 $ — $ — $ 50,000 2032 Convertible Notes 15,000 15,000 — — 15,000 KeyBank Credit Facility 55,937 55,937 — — 55,937 Total $ 120,937 $ 120,937 $ — $ — $ 120,937 The estimated fair value of the 2026 Notes, the 2032 Convertible Notes and the KeyBank Credit Facility approximates the principal value. |
Directors_ Fees
Directors’ Fees | 3 Months Ended |
Mar. 31, 2023 | |
Directors Fees [Abstract] | |
Directors’ Fees | Note 7. Directors’ Fees Our Independent Directors receive an annual fee of $ 50,000 . They also receive $ 5,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each Board meeting and $ 5,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the audit committee receives an annual fee of $ 10,000 and each chairman of any other committee receives an annual fee of $ 5,000 for their additional services, if any, in these capacities. For the three months ended March 31, 2023, the Company recognized directors’ expense of $ 0.1 million. For the three months ended March 31, 2022, the Company recognized directors’ expense of $ 0.1 million. No compensation is expected to be paid to directors who are “interested persons” of the Company, as such term is defined in Section 2(a)(19) of the 1940 Act. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 8. Stockholders' Equity On March 6, 2023, the Company's Board authorized a new share repurchase program, whereby the Company may repurchase up to an aggregate of $ 5.0 million of its outstanding common shares in the open market. Unless extended or discontinued by the Company's Board, the repurchase program will terminate on March 31, 2024 . The repurchase program may be extended, modified or discontinued at any time for any reason without prior notice. The repurchase program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with SEC Rule 10b-18 and accomplished through a Rule 10b5-1 plan, which sets certain restrictions on the method, timing, price and volume of share repurchases. During the three months ended March 31, 2023, the Company repurchased 1,625 shares under the share repurchase program at an aggregate cost of approximately $ 34 thousand. There were no share repurchases during the first quarter of 2022. During the three months ended March 31, 2023, the Company issued 140 shares of common stock under its DRIP. The Company did no t pay a dividend during the three months ended March 31, 2022. The total number of shares of the Company’s common stock outstanding as of March 31, 2023 and December 31, 2022 was 2,709,583 and 2,711,068 , respectively. |
Earnings (Losses) Per Share
Earnings (Losses) Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9. Earnings Per Share In accordance with the provisions of ASC Topic 260 - Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Other potentially dilutive shares of the Company’s common stock, and the related impact to earnings, are considered when calculating diluted earnings per share. For the three months ended March 31, 2023 and 2022 , zero and 0.6 million, respectively, in convertible shares related to the 2022 Convertible Notes were considered anti-dilutive. For the three months ended March 31, 2023 and 2022 , 0.5 million and zero , respectively, in convertible shares related to the 2032 Convertible Notes were considered anti-dilutive. The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets per share resulting from operations for the three months ended March 31, 2023 and 2022 (dollars in thousands, except share and per share data): For the Three Months Ended March 31, 2023 (1) 2022 (2) Net decrease in net assets resulting from operations - basic and diluted $ ( 650 ) $ ( 858 ) Weighted average common stock outstanding – basic and diluted 2,710,990 2,711,068 Net decrease in net assets per share from operations - basic and diluted $ ( 0.24 ) $ ( 0.32 ) (1) In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2023, conversion of the 2032 Convertible Notes int o 0.5 mil lion shares was not assumed as the effect on diluted earnings per share would be anti-dilutive. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2022 , conversion of the 0.6 million related to the 2022 Convertible Notes was not assumed as the effect on diluted earnings per share would be anti-dilutive |
Distributions
Distributions | 3 Months Ended |
Mar. 31, 2023 | |
Distributions [Abstract] | |
Distributions | Note 10. Distributions The Company’s distributions are recorded on the record date. Stockholders have the option to receive payment of the distribution in cash, shares of the Company’s common stock, or a combination of cash and shares of common stock. Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. Accordingly, distributions may be subject to reclassification based on future dividends and operating results and will not be determined until the end of the year. For the quarter ended March 31, 2023, the Company made a distribution of $ 0.18 per share to stockholders of record as of March 20, 2023 . T he Company's Board determined no t to declare a distribution for the quarter ended March 31, 2022 . |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company Financial Highlights [Abstract] | |
Financial Highlights | Note 11. Financial Highlights The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022 (dollars in thousands, except share and per share data): For the Three Months Ended March 31, 2023 2022 Per share data: Net asset value at beginning of period $ 35.04 $ 39.48 Net investment income (1) 0.40 ( 0.39 ) Net realized loss on investments (1) ( 0.56 ) ( 0.01 ) Net change in unrealized (depreciation) appreciation on investments (1) ( 0.08 ) 0.08 Net decrease in net assets resulting from operations (1) $ ( 0.24 ) $ ( 0.32 ) Distributions ( 0.18 ) — Accretive effect of common stock repurchases (1) 0.01 — Net asset value at end of year $ 34.63 $ 39.16 Net assets at end of period $ 93,833 $ 106,171 Shares outstanding at end of period 2,709,583 2,711,068 Per share market value at end of period $ 20.80 $ 22.57 Total return based on market value (2) ( 6.13 )% ( 1.83 )% Ratio/Supplemental data: Ratio of net investment income (loss) to average net assets (3) 4.61 % ( 4.00 )% Ratio of interest and financing expenses to average net assets (3) 8.89 % 8.32 % Ratio of other operating expenses to average net assets (3) 9.08 % 8.37 % Ratio of total expenses to average net assets (3) 17.97 % 16.69 % Portfolio turnover rate (4) 3.30 % 4.15 % Average debt outstanding (5) $ 118,219 $ 124,921 Average debt outstanding per common share (1) $ 43.61 $ 46.08 Asset coverage ratio per unit (6) $ 1,747 $ 1,843 (1) Based on daily weighted average balance of shares of the Company’s common stock outstanding during the period. (2) Total investment return is calculated assuming a purchase of shares of the Company's common stock at the current market value on the first day and a sale at the current market value on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total investment return does not reflect brokerage commissions. Total investment returns covering less than a full period are not annualized. (3) Ratio is annualized. (4) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Portfolio turnover rates that cover less than a full period are not annualized. (5) Based on the daily weighted average balance of debt outstanding during the period. (6) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events Management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would be required to be recognized in the consolidated financial statements as of March 31, 2023, other than as set forth below. On May 9, 2023 , the Company’s Board of Directors approved a distribution of $ 0.22 per share payable on May 31, 2023 to stockholders of record as of May 22, 2023 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company is considered an investment company as defined in Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying our annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, including Fund II, Fund III, CBL, and the Taxable Subsidiaries. The Company’s financial statements as of March 31, 2023 and December 31, 2022 and for the periods ended March 31, 2023 and 2022 are presented on a consolidated basis. The effects of all intercompany transactions between the Company and its subsidiaries (Fund II, Fund III, CBL, and the Taxable Subsidiaries) have been eliminated in consolidation. All financial data and information included in these consolidated financial statements have been presented on the basis described above. In the opinion of management, the consolidated financial statements reflect all adjustments that are necessary for the fair presentation of financial results as of and for the periods presented. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the year. Additionally, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 , filed with the U.S. Securities and Exchange Commission (“SEC”) on March 9, 2023. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates under different assumptions and conditions. The most significant estimates in the preparation of the consolidated financial statements are investment valuation, revenue recognition and income taxes. |
Consolidation | Consolidation As provided under ASC 946, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly owned investment company subsidiaries (Fund II, Fund III, CBL, and the Taxable Subsidiaries) in its consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less at the date of purchase. The Company deposits its cash in financial institutions, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. |
Investment Classification | Investment Classification In accordance with the provisions of the 1940 Act, the Company classifies its investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control/Non-Affiliate Investments” are those investments that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25 % of the voting securities of such company and/or has greater than 50 % representation on its board or has the power to exercise control over management or policies of such portfolio company. The Company is deemed to be an affiliate of a company in which the Company has invested if it owns 5 % or more of the voting securities of such company. |
Valuation of Investments | Valuation of Investments Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized. Investments for which market quotations are available are typically valued at those market quotations. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt that is not publicly traded but for which there are external pricing sources available as of the valuation date is valued using independent broker-dealer, market maker quotations or independent pricing services. The valuation committee, comprised of members of the Investment Adviser, (the “Valuation Committee”) subjects these quotes to various criteria including, but not limited to, the number and quality of quotes, the deviation among the quotes and information derived from analyzing the Company’s own transactions in such investments throughout the reporting period. Generally, such investments are categorized in Level 2 of the fair value hierarchy, unless the Valuation Committee determines that the quality, quantity or deviation among quotes warrants significant adjustment to the inputs utilized. The Board has designated the Investment Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Investment Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Board remains ultimately responsible for fair value determinations under the 1940 Act and satisfies its responsibility through oversight of the valuation designee in accordance with Rule 2a-5. Investments that are not publicly traded or whose market prices are not readily available, as is expected to be the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Investment Adviser, based on, among other things, input of independent third-party valuation firm(s). The Investment Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following: • The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the investment professionals responsible for the portfolio investment in conjunction with the Company’s portfolio management team. The Company utilizes an independent valuation firm to provide valuation on each material illiquid security at least once every trailing 12-month period; • Preliminary valuations are reviewed and discussed with management of the Investment Adviser and investment professionals; and • the Investment Adviser will review the valuations and determine the fair value of each investment. Valuations that are not based on readily available market quotations will be valued in good faith based on, among other things, the input of, where applicable, third parties. As part of the valuation process, the Investment Adviser may consider other information and may use valuation methods including but not limited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third-party appraisal, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in liquidation or restructuring. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible to the Company. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 3: Significant inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments for which no external pricing sources are available as of the valuation date are included in Level 3 of the fair value hierarchy. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for its equity investment in Great Lakes Funding II LLC (“Great Lakes II Joint Venture”). The Great Lakes II Joint Venture records its underlying investments at fair value on a quarterly basis in accordance with the 1940 Act and U.S. GAAP. Enterprise Value Waterfall Approach The enterprise value waterfall approach determines an enterprise value based on earnings before interest, tax, depreciation, and amortization (“EBITDA”) multiples of publicly traded companies that are considered similar to the subject portfolio company. The Company considers a variety of items in determining a reasonable pricing multiple, including, but not limited to, operating results, budgeted projections, growth, size, risk, profitability, leverage, management depth, diversification, market position, supplier or customer dependence, asset utilization, liquidity metrics, and access to capital markets. EBITDA of the portfolio company is adjusted for non-recurring items in order to reflect a normalized level of earnings that is representative of future earnings. In certain instances, the Company may also utilize revenue multiples to determine enterprise value. When available, the Company may assign a pricing multiple or value its investments based on the value of recent investment transactions in the subject portfolio company or offers to purchase the portfolio company. The enterprise value is adjusted for financial instruments with seniority to the Company’s ownership and for the effect of any instrument which may dilute the Company’s investment in the portfolio company. The adjusted enterprise value is then apportioned based on the seniority and privileges of the Company’s investments within the portfolio company. Income Approach The income approach utilizes a discounted cash flow methodology in which the Company estimates fair value based on the present value of expected cash flows discounted at a market rate of interest. The determination of a discount rate, or required rate of return, takes into account the portfolio company’s fundamentals and perceived credit risk. Because the majority of the Company’s portfolio companies do not have a public credit rating, determining a discount rate often involves assigning an implied credit rating based on the portfolio company’s operating metrics compared to average metrics of similar publicly rated debt. Operating metrics include, but are not limited to, EBITDA, interest coverage, leverage ratios, return on capital, and debt to equity ratios. The implied credit rating is used to assign a base discount rate range based on publicly available yields on similarly rated debt securities. The Company may apply a premium to the discount rate utilized in determining fair value when performance metrics and other qualitative information indicate that there is an additional level of uncertainty about collectability of cash flows. Asset Approach The asset approach values an investment based on the value of the underlying collateral securing the investment. |
Revenue Recognition | Revenue Recognition The Company’s revenue recognition policies are as follows: Interest income and payment-in-kind ( “ PIK ” ) interest income: Interest income is recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company has loans in the portfolio that contain a PIK interest provision. PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. Non-accrual investments: Management reviews all loans that become 90 days or more past due, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income and PIK interest on that loan for financial reporting purposes. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. Non-accrual loans are returned to accrual status when the borrower’s financial condition improves such that management believes current interest and principal payments are expected to be collected. As of March 31, 2023 , we had debt investments in two portfolio companies on non-accrual status with an aggregate amortized cost of $ 14.2 million and an aggregate fair value of $ 10.0 million, which represented 6.4 % and 4.9 % of the investment portfolio, respectively. As of December 31, 2022 , we had a debt investment in one portfolio company on non-accrual status with aggregate amortized cost of $ 11.9 million and an aggregate fair value of $ 9.7 million, which represented 5.4 % and 4.8 % of the investment portfolio, respectively. Gains and losses on investment sales: Realized gains and losses on investments are recognized using the specific identification method. Dividend income and payment-in-kind dividends: Dividend income is recognized on the date dividends are declared. The Company holds preferred equity investments in the portfolio that contain a PIK dividend provision. PIK dividends, which represent contractually deferred dividends added to the equity balance, are recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company will typically cease accrual of PIK dividends when the fair value of the equity investment is less than the cost basis of the investment or when it is otherwise determined by management that PIK dividends are unlikely to be collected. If management determines that a decline in fair value is temporary in nature and PIK dividends are more likely than not to be collected, management may elect to continue accruing PIK dividends. Original issue discount: Discounts received to par on loans purchased are capitalized and accreted into income over the life of the loan. Any remaining discount is accreted into income upon prepayment of the loan. Other income: Origination fees (to the extent services are performed to earn such income), amendment fees, consent fees, and other fees associated with investments in portfolio companies are recognized as income when they are earned. Prepayment penalties received by the Company for debt instruments repaid prior to maturity date are recorded as income upon receipt. |
General and Administrative Expenses | General and Administrative Expenses General and administrative expenses are accrued as incurred. The Company’s administrative expenses include personnel and overhead expenses allocable to the Company paid by and reimbursed to the Administrator under an administration agreement between the Company and the Administrator (the “Administration Agreement”). Other operating expenses such as legal and audit fees and director and officer insurance are generally paid directly by the Company. |
Deferred Financing Fees | Deferred Financing Fees Costs incurred to issue the Company’s debt obligations are capitalized and are amortized over the term of the debt agreements under the effective interest method. Deferred financing fees are presented as a direct deduction from the carrying amount of the corresponding debt liability in the consolidated statements of assets and liabilities. |
Earnings per share | Earnings per share The Company’s earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of the Company’s common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of the Company’s common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations, adjusted for the change in net assets resulting from the exercise of the dilutive shares, by the weighted average number of shares of the Company’s common stock assuming all potentially dilutive shares had been issued. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised. |
Commitments and Contingencies | Commitments and Contingencies As of March 31, 2023 and December 31, 2022, the Company had the following unfunded commitments to existing portfolio companies (dollars in thousands): Portfolio Company Investment March 31, 2023 December 31, 2022 Accordion Partners LLC (1) First Lien/Senior Secured Debt $ 498 $ 897 Accordion Partners LLC (Revolver) First Lien/Senior Secured Debt 1,148 1,531 BetaNXT, Inc. (Revolver) First Lien/Senior Secured Debt 316 453 Bradshaw International, Inc. (Revolver) First Lien/Senior Secured Debt 922 922 Critical Nurse Staffing, LLC (1) First Lien/Senior Secured Debt 2,063 2,063 Critical Nurse Staffing, LLC (Revolver) First Lien/Senior Secured Debt 240 700 Dentive, LLC (1) First Lien/Senior Secured Debt 598 598 Dentive, LLC (Revolver) First Lien/Senior Secured Debt 187 187 Epic Staffing Group (1) First Lien/Senior Secured Debt 872 872 Great Lakes Funding II LLC - Series A Joint Venture 25 80 GreenPark Infrastructure, LLC - Series M-1 Common Stock and Membership Units 732 732 Keg Logistics LLC (Revolver) First Lien/Senior Secured Debt — 436 Marble Point Credit Management LLC (Revolver) First Lien/Senior Secured Debt N/A 2,500 Premier Imaging, LLC (1) First Lien/Senior Secured Debt 1,378 1,378 Taoglas Group Holdings Limited (Revolver) First Lien/Senior Secured Debt 645 N/A Wealth Enhancement Group, LLC (Revolver) First Lien/Senior Secured Debt 438 438 Total Unfunded Commitments $ 10,062 $ 13,787 (1) Delayed-draw term loan. In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that could lead to the execution of these provisions against the Company. Based on its history and experience, management believes that the likelihood of such an event is remote. In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency, or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company or result in direct losses to the Company. The nature of litigation can make it difficult to predict the impact a particular lawsuit will have on the Company. There are many reasons that the Company cannot make these assessments, including, among others, one or more of the following: the proceeding is in its early stages; the damages sought are unspecified, unsupportable, unexplained or uncertain; discovery has not started or is not complete; there are significant facts in dispute; and there are other parties who may share in any ultimate liability. In management’s opinio n, no direct losses with respect to litigation contingencies were probable as of March 31, 2023 and December 31, 2022 . Management is of the opinion that the ultimate resolution of such claims, if any, will not materially affect the Company’s business, financial position, results of operations, or liquidity. Furthermore, in management’s opinion, it is not possible to estimate a range of reasonably possible losses with respect to litigation contingencies. |
Income Taxes | Income Taxes The Company has elected to be treated for U.S. federal income tax purposes and intends to comply with the requirements to qualify annually as a RIC under subchapter M of the Code and, among other things, intends to make the requisite distributions to its stockholders which will relieve the Company from U.S. federal income taxes. In order to qualify as a RIC, among other requirements, the Company is required to timely distribute to its stockholders at least 90.0 % of its investment company taxable income, as defined by the Code, for each fiscal tax year. The Company will be subject to a nondeductible U.S. federal excise tax of 4.0 % on undistributed income if it does not distribute at least 98.0 % of its ordinary income in any calendar year and 98.2 % of its capital gain net income for each one-year period ending on October 31. Depending on the level of taxable income earned in an excise tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next excise tax year and pay a 4.0 % excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. Since the Company’s IPO, the Company has not accrued or paid excise tax. The tax years ended December 31, 2022, 2021, 2020 and 2019 remain subject to examination by U.S. federal, state, and local tax authorities. No material interest expense or penalties have been assessed fo r the three months ended March 31, 2023 and 2022. If the Company was required to recognize interest and penalties, if any, related to unrecognized tax benefits this would be recognized as income tax expense in the consolidated statements of operations. For U.S. federal income tax purposes, as of March 31, 2023 , the aggregate net unrealized depreciation for all securities was $ 18.1 million. As of March 31, 2023 , gross unrealized appreciation was $ 12.7 million and gross unrealized depreciation was $ 30.8 million. The aggregate cost of securities for U.S. federal income tax purposes was $ 221.4 million as of March 31, 2023. For U.S. federal income tax purposes, as of December 31, 2022 , the aggregate net unrealized depreciation for all securities was $ 18.3 million. As of December 31, 2022 , gross unrealized appreciation was $ 13.1 million and gross unrealized depreciation was $ 31.4 million. The aggregate cost of securities for U.S. federal income tax purposes was $ 221.9 million as of December 31, 2022. The Company’s Taxable Subsidiaries record deferred tax assets or liabilities related to temporary book versus tax differences on the income or loss generated by the underlying equity investments held by the Taxable Subsidiaries. As of both March 31, 2023 and December 31, 2022 , the Company recorded a net deferred tax asset of zero . For both the three months ended March 31, 2023 and 2022 , the Company recorded a tax provision of zero . As of March 31, 2023 and December 31, 2022 , the valuation allowance on the Company’s deferred tax asset was $ 4.0 million and $ 4.0 million, respectively. During both the three months ended March 31, 2023 and 2022 , there was no change in the valuation allowance recognized by the Company. In accordance with certain applicable U.S. Treasury regulations and guidance issued by the Internal Revenue Service, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive its entire distribution in either cash or stock of the RIC, subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0 % of the aggregate declared distribution. If too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive the lesser of (a) the portion of the distribution such stockholder has elected to receive in cash or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. ASC Topic 740 — Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the consolidated statements of operations. As of March 31, 2023 and December 31, 2022 , there were no uncertain tax positions. The Company is required to determine whether a tax position of the Company is more-likely-than-not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized could result in the Company recording a tax liability that could negatively impact the Company’s net assets. |
Distributions | Distributions Distributions to the Company’s common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board. Net capital gains, if any, are generally distributed at least annually, although we may decide to retain such capital gains for reinvestment. The Company has adopted an “opt out” dividend reinvestment plan (“DRIP”) for the Company’s common stockholders. As a result, if the Company declares a distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of the Company’s common stock unless a stockholder specifically “opts out” of our DRIP. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state, and local taxes in the same manner as cash distributions, stockholders participating in the Company’s DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes. |
Company Investment Risk, Concentration of Credit Risk and Liquidity Risk | Company Investment Risk, Concentration of Credit Risk and Liquidity Risk The Investment Adviser has broad discretion in making investments for the Company. Investments will generally consist of debt and equity instruments that may be affected by business, financial market, or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate. The value of the Company’s investments may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan. The value of the Company’s investments may also be detrimentally affected to the extent observable primary or secondary market yields for similar instruments issued by comparable companies increase materially or risk premiums in the market between smaller companies, such as our borrowers, and those for which market yields are observable increase materially. The Investment Adviser may attempt to minimize this risk by maintaining low debt-to-liquidation values with each debt investment and the collateral underlying the debt investment. The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Unfunded Commitments to Existing Portfolio Companies | As of March 31, 2023 and December 31, 2022, the Company had the following unfunded commitments to existing portfolio companies (dollars in thousands): Portfolio Company Investment March 31, 2023 December 31, 2022 Accordion Partners LLC (1) First Lien/Senior Secured Debt $ 498 $ 897 Accordion Partners LLC (Revolver) First Lien/Senior Secured Debt 1,148 1,531 BetaNXT, Inc. (Revolver) First Lien/Senior Secured Debt 316 453 Bradshaw International, Inc. (Revolver) First Lien/Senior Secured Debt 922 922 Critical Nurse Staffing, LLC (1) First Lien/Senior Secured Debt 2,063 2,063 Critical Nurse Staffing, LLC (Revolver) First Lien/Senior Secured Debt 240 700 Dentive, LLC (1) First Lien/Senior Secured Debt 598 598 Dentive, LLC (Revolver) First Lien/Senior Secured Debt 187 187 Epic Staffing Group (1) First Lien/Senior Secured Debt 872 872 Great Lakes Funding II LLC - Series A Joint Venture 25 80 GreenPark Infrastructure, LLC - Series M-1 Common Stock and Membership Units 732 732 Keg Logistics LLC (Revolver) First Lien/Senior Secured Debt — 436 Marble Point Credit Management LLC (Revolver) First Lien/Senior Secured Debt N/A 2,500 Premier Imaging, LLC (1) First Lien/Senior Secured Debt 1,378 1,378 Taoglas Group Holdings Limited (Revolver) First Lien/Senior Secured Debt 645 N/A Wealth Enhancement Group, LLC (Revolver) First Lien/Senior Secured Debt 438 438 Total Unfunded Commitments $ 10,062 $ 13,787 (1) Delayed-draw term loan. |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Composition of Investments at Amortized Cost and Fair Value | The composition of our investments as of March 31, 2023, at amortized cost and fair value was as follows (dollars in thousands): Investments at Amortized Cost Investments at Fair Value First Lien Debt $ 144,304 65.4 % $ 137,563 67.7 % Second Lien Debt 8,444 3.8 % 6,775 3.3 % Subordinated Debt 26,573 12.1 % 24,696 12.1 % Collateralized Loan Obligations 4,622 2.1 % 4,207 2.1 % Joint Venture 470 0.2 % 456 0.2 % Equity 36,065 16.4 % 29,640 14.6 % Total $ 220,478 100.0 % $ 203,337 100.0 % The composition of our investments as of December 31, 2022, at amortized cost and fair value was as follows (dollars in thousands): Investments at Amortized Cost Investments at Fair Value First Lien Debt $ 143,047 64.9 % $ 136,896 67.3 % Second Lien Debt 8,283 3.8 % 6,464 3.2 % Subordinated Debt 26,571 12.0 % 25,851 12.7 % Collateralized Loan Obligations 6,185 2.8 % 4,972 2.4 % Joint Venture 414 0.2 % 403 0.2 % Equity 36,016 16.3 % 29,006 14.2 % Total $ 220,516 100.0 % $ 203,592 100.0 % |
Schedule of Fair Value Measurements of Investments, by Major Class, According to Fair Value Hierarchy | The following table presents the fair value measurements of investments, by major class, as of March 31, 2023, according to the fair value hierarchy (dollars in thousands): Fair Value Measurements Level 1 Level 2 Level 3 NAV Total First Lien Debt $ — $ — $ 137,563 $ — $ 137,563 Second Lien Debt — — 6,775 — 6,775 Subordinated Debt — — 24,696 — 24,696 Collateralized Loan Obligations — — 4,207 — 4,207 Joint Venture — — — 456 456 Equity — — 29,640 — 29,640 Total $ — $ — $ 202,881 $ 456 $ 203,337 The following table presents fair value measurements of investments, by major class, as of December 31, 2022, according to the fair value hierarchy (dollars in thousands): Fair Value Measurements Level 1 Level 2 Level 3 NAV Total First Lien Debt $ — $ — $ 136,896 $ — $ 136,896 Second Lien Debt — — 6,464 — 6,464 Subordinated Debt — — 25,851 — 25,851 Collateralized Loan Obligations — — 4,972 — 4,972 Joint Venture — — — 403 403 Equity — — 29,006 — 29,006 Total $ — $ — $ 203,189 $ 403 $ 203,592 |
Summary of Reconciliation of Beginning and Ending Balances for Investments That Use Level 3 Inputs | The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2023 (dollars in thousands): First Lien Second Lien Subordinated Collateralized Loan Obligations Equity Total Balance as of January 1, 2023 $ 136,896 $ 6,464 $ 25,851 $ 4,972 $ 29,006 $ 203,189 Repayments/sales ( 6,529 ) — — ( 97 ) ( 87 ) ( 6,713 ) Purchases 7,388 — — — — 7,388 Payment-in-kind interest and dividends accrued 268 145 2 — 49 464 Accretion of original issue discount 131 16 — 127 — 274 Net realized (loss) gain on investments — — — ( 1,593 ) 87 ( 1,506 ) Net change in unrealized (depreciation) appreciation on investments ( 591 ) 150 ( 1,157 ) 798 585 ( 215 ) Balance as of March 31, 2023 $ 137,563 $ 6,775 $ 24,696 $ 4,207 $ 29,640 $ 202,881 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2022 (dollars in thousands): First Lien Second Lien Subordinated Collateralized Loan Obligations Equity Total Balance as of January 1, 2022 $ 98,251 $ 30,190 $ 5,050 $ 7,717 $ 56,981 $ 198,189 Repayments/sales ( 8,096 ) — — ( 276 ) ( 29 ) ( 8,401 ) Purchases 11,285 3,086 2,022 — — 16,393 Payment-in-kind interest and dividends accrued — 38 44 — 50 132 Accretion of original issue discount 60 ( 5 ) 1 343 — 399 Net realized (loss) gain on investments 13 — — — ( 49 ) ( 36 ) Net unrealized appreciation (depreciation) on investments ( 850 ) ( 89 ) ( 2 ) ( 585 ) 1,755 229 Balance as of March 31, 2022 $ 100,663 $ 33,220 $ 7,115 $ 7,199 $ 58,708 $ 206,905 |
Summary of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets | The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of March 31, 2023 were as follows: Fair Value Valuation Unobservable Range of Input (2) First lien debt $ 6.1 Market Broker/Dealer Quotes N/A First lien debt 110.9 Income Required Rate of Return 6.5 % – 30.0 % ( 12.4 %) First lien debt 14.4 Enterprise Market Value EBITDA Multiple 5.5 x – 6.8 x ( 6.1 x) First lien debt 6.2 Enterprise Market Value Revenue Multiple 0.5 x Second lien debt 2.7 Market Broker/Dealer Quotes N/A Second lien debt 3.7 Income Required Rate of Return 2.3 % – 18.7 % ( 16.4 %) Second lien debt 0.4 Enterprise Market Value EBITDA Multiple 4.7 x Subordinated debt 24.1 Income Required Rate of Return 5.8 % – 13.5 % ( 11.9 %) Subordinated debt 0.6 Enterprise Market Value EBITDA Multiple 8.5 x Collateralized Loan Obligations 4.2 Income Discount Margin 21.5 % – 24.8 % ( 23.6 %) Equity 0.1 Income Stock Price $ 117.3 2.0 35.0 % Equity 27.3 Enterprise Market Value and Asset (1) EBITDA Multiple 0.3 x – 15.8 x ( 6.3 x) Equity 2.2 Enterprise Market Value Revenue Multiple 0.5 x – 1.1 x ( 1.1 x) $ 202.9 (1) $ 1.0 million in equity was valued using the asset approach. (2) The weighted averages disclosed in the table above were weighted by their relative fair value. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of December 31, 2022 were as follows: Fair Value Valuation Unobservable Range of Input (2) First lien debt $ 7.4 Market Broker/Dealer Quotes N/A First lien debt 123.5 Income Required Rate of Return 6.0 % – 30.0 % ( 12.2 %) First lien debt 6.0 Enterprise Market Value Revenue Multiple 0.4 x Second lien debt 2.6 Market Broker/Dealer Quotes N/A Second lien debt 3.4 Income Required Rate of Return 1.6 % – 18.7 % ( 16.1 %) Second lien debt 0.4 Enterprise Market Value Revenue Multiple 4.7 x Subordinated debt 25.9 Income Required Rate of Return 5.9 % – 18.9 % ( 10.4 %) Collateralized loan obligations 5.0 Income Discount Margin 21.5 % – 24.8 % ( 23.6 %) Equity 0.1 Income Stock Price $ 115.8 2.0 35.0 % Equity 26.2 Enterprise Market Value and Asset (1) EBITDA Multiple 3.3 x – 15.8 x ( 6.4 x) Equity 2.7 Enterprise Market Value Revenue Multiple 0.3 x – 1.0 x ( 0.9 x) $ 203.2 (1) $ 1.0 million in equity was valued using the asset approach. (2) The weighted averages disclosed in the table above were weighted by their relative fair value. |
Transactions With Affiliated _2
Transactions With Affiliated Companies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments In And Advances To Affiliates [Abstract] | |
Schedule of Transactions with Affiliates | During the three months ended March 31, 2023, the Company had investments in portfolio companies designated as affiliates under the 1940 Act. Transactions with affiliates were as follows (dollars in thousands): Company (4) Type of Investment Principal Amount Amount of Interest, Fees or Dividends Credited to Income (1) December 31, Gross Additions (2) Gross Reductions (3) Realized Gain/(Loss) Unrealized Appreciation (Depreciation) March 31, Affiliate investments Burgaflex Holdings, LLC Common Stock Class B ( 1,085,073 shares) $ — $ — $ 2,190 $ — $ — $ — $ ( 17 ) $ 2,173 Burgaflex Holdings, LLC Common Stock Class A ( 1,253,198 shares) — — 2,802 — — — ( 54 ) 2,748 — 4,992 — — — ( 71 ) 4,921 GA Communications, Inc. Series A-1 Preferred Stock ( 1,998 shares) — — 3,562 — — — 376 3,938 GA Communications, Inc. Series B-1 Common Stock ( 200,000 shares) — — — — — — — — — 3,562 — — — 376 3,938 Great Lakes Funding II LLC Series A — 14 403 56 ( 1 ) — ( 2 ) 456 14 403 56 ( 1 ) — ( 2 ) 456 GreenPark Infrastructure, LLC Series A ( 400 Units) — — 200 — — — — 200 GreenPark Infrastructure, LLC Series M-1 ( 200 Units) — — 69 — — — — 69 — 269 — — — — 269 MMI Holdings, LLC First Lien Debt ( 12.00 % Cash, Due 4/1/22 ) 2,600 79 2,600 — — — — 2,600 MMI Holdings, LLC Second Lien Debt ( 6.00 % Cash, Due 4/1/22 ) 400 18 400 12 — — ( 12 ) 400 MMI Holdings, LLC (5) Preferred Units ( 1,000 units, 8.00 % PIK Dividend) — 31 1,360 31 — — ( 31 ) 1,360 MMI Holdings, LLC Common Membership Units ( 45 units) — — — — — — — — 128 4,360 43 — — ( 43 ) 4,360 Nth Degree Investment Group, LLC Membership Units ( 6,088,000 units) — — 5,320 — — — 1,020 6,340 — 5,320 — — — 1,020 6,340 RAM Payment, LLC First Lien Debt ( 9.66 % Cash (1 month LIBOR + 5.00 %), 1.50 % Floor ), Due 1/4/24 ) 679 7 939 — ( 260 ) — — 679 RAM Payment, LLC First Lien Debt ( 13.00 % Cash, Due 1/4/24 ) 1,840 60 2,547 — ( 707 ) — — 1,840 RAM Payment, LLC (5) Preferred Units ( 86,000 units, 6.00 % PIK Dividend) — 17 3,165 17 — — ( 430 ) 2,752 84 6,651 17 ( 967 ) — ( 430 ) 5,271 Sierra Hamilton Holdings Corporation Second Lien Debt ( 15.00 % PIK, Due 9/12/23 ) 4 — 4 — — — — 4 Sierra Hamilton Holdings Corporation Common Stock ( 27,396,364 shares) — — 254 — — — 183 437 — 258 — — — 183 441 V12 Holdings, Inc. Second Lien Debt 509 — 509 — — — — 509 — 509 — — — — 509 Total Affiliate investments $ 226 $ 26,324 $ 116 $ ( 968 ) $ — $ 1,033 $ 26,505 (1) Represents the total amount of interest, original issue discount, fees and dividends credited to income for the portion of the year an investment was included in Affiliate or Control categories, respectively. (2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK and accretion of original issue discount. Gross additions also include transfers into Affiliate or Control classification. (3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification. (4) All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted. (5) The equity investment is income producing, based on rate disclosed. During the year ended December 31, 2022, the Company had investments in portfolio companies designated as affiliates under the 1940 Act. Transactions with affiliates were as follows (dollars in thousands): Company (4) Type of Investment Principal Amount Amount of Interest, Fees or Dividends Credited to Income (1) December 31, Gross Additions (2) Gross Reductions (3) Realized Gain/(Loss) Unrealized Appreciation (Depreciation) December 31, Affiliate investments (6) Burgaflex Holdings, LLC Common Stock Class B ( 1,085,073 shares) $ — $ — $ 1,528 $ — $ — $ — $ 662 $ 2,190 Burgaflex Holdings, LLC Common Stock Class A ( 1,253,198 shares) — — 1,193 — — — 1,609 2,802 — 2,721 — — — 2,271 4,992 GA Communications, Inc. Series A-1 Preferred Stock ( 1,998 shares) — — 4,394 — — — ( 832 ) 3,562 GA Communications, Inc. Series B-1 Common Stock ( 200,000 shares) — — 185 — — — ( 185 ) — — 4,579 — — — ( 1,017 ) 3,562 Great Lakes Funding II LLC Series A — 14 — 517 ( 103 ) — ( 11 ) 403 14 — 517 ( 103 ) — ( 11 ) 403 GreenPark Infrastructure, LLC Series A ( 400 Units) — — — 200 — — — 200 GreenPark Infrastructure, LLC Series M-1 ( 200 Units) — — — 69 — — — 69 — — 269 — — — 269 LJS Partners, LLC Preferred Units ( 202,336 units) — — 843 — ( 979 ) 542 ( 406 ) — LJS Partners, LLC Common Membership Units ( 2,593,234 units) — — 7,164 — ( 2,354 ) 1,130 ( 5,940 ) — — 8,007 — ( 3,333 ) 1,672 ( 6,346 ) — MMI Holdings, LLC First Lien Debt ( 12.0 % Cash, Due 4/1/22 ) 2,600 308 2,600 — — — — 2,600 MMI Holdings, LLC Second Lien Debt ( 6.0 % Cash, Due 4/1/22 ) 400 24 400 — — — — 400 MMI Holdings, LLC (5) Preferred Units ( 1,000 units, 8.0 % PIK Dividend) — 118 1,898 118 — — ( 656 ) 1,360 MMI Holdings, LLC Common Membership Units ( 45 units) — — 63 — — — ( 63 ) — 450 4,961 118 — — ( 719 ) 4,360 Nth Degree Investment Group, LLC Membership Units ( 6,088,000 units) — — — — — — 5,320 5,320 — — — — — 5,320 5,320 RAM Payment, LLC First Lien Debt ( 6.5 % Cash ( 1 month LIBOR + 5.0 %), 1.5 % Floor ), Due 1/4/24 ) 939 82 998 — ( 59 ) — — 939 RAM Payment, LLC First Lien Debt ( 12.45 % Cash, Due 1/4/24 ) 2,547 291 2,706 — ( 159 ) — — 2,547 RAM Payment, LLC (5) Preferred Units ( 86,000 units, 6.0 % PIK Dividend) — 69 3,726 69 — — ( 630 ) 3,165 442 7,430 69 ( 218 ) — ( 630 ) 6,651 Sierra Hamilton Holdings Corporation Second Lien Debt ( 15.0 % PIK, Due 9/12/23 ) 3 1 3 1 — — — 4 Sierra Hamilton Holdings Corporation Common Stock ( 15,068,000 shares) — — 330 — — — ( 76 ) 254 1 333 1 — — ( 76 ) 258 V12 Holdings, Inc. Second Lien Debt 509 — 509 — — — — 509 — 509 — — — — 509 Total Affiliate investments $ 907 $ 28,540 $ 974 $ ( 3,654 ) $ 1,672 $ ( 1,208 ) $ 26,324 Control investments Vology, Inc. First Lien Debt ( 10.5 % Cash ( 1 month LIBOR + 8.5 %, 2.0 % Floor ), Due 3/31/22 ) $ — $ 228 $ 3,635 $ — $ ( 3,635 ) $ — $ — $ — Vology, Inc. Class A Preferred Units ( 9,041,810 Units) — — 3,204 — — ( 5,215 ) 2,011 — Vology, Inc. Membership Units ( 5,363,982 Units) — — — — — — — — Total Control investments $ 228 $ 6,839 $ — $ ( 3,635 ) $ ( 5,215 ) $ 2,011 $ — (1) Represents the total amount of interest, original issue discount, fees and dividends credited to income for the portion of the year an investment was included in Affiliate or Control categories, respectively. (2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK and accretion of original issue discount. Gross additions also include transfers into Affiliate or Control classification. (3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification. (4) All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted. (5) The equity investment is income producing, based on rate disclosed. (6) During the second quarter of 2022, Eastport Holdings, LLC completed a refinancing and recapitalization transaction. Logan Ridge received $ 16.5 million in cash and $ 19.3 million in principal of a new debt security in exchange for all of its previous debt and equity securities, which resulted in a realized gain of approximately $ 16.0 million on the Company's equity interest. As a result of this transaction, Eastport Holdings, LLC is no longer an affiliate of the Company. |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Summary of Interest and Financing Expenses | The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2022 Convertible Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense N/A $ 749 Deferred financing costs N/A 100 Total interest and financing expenses N/A $ 849 Average outstanding balance N/A $ 52,088 Average stated interest rate N/A 5.75 % |
Schedule of Outstanding Principal and Fair Value of Financial liabilities | The following table presents the outstanding principal and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of March 31, 2023, and the level of each financial liability within the fair value hierarchy (dollars in thousands): Outstanding Fair Value Level 1 Level 2 Level 3 2026 Notes $ 50,000 $ 50,000 $ — $ — $ 50,000 2032 Convertible Notes 15,000 15,000 — — 15,000 KeyBank Credit Facility 58,378 58,378 — — 58,378 Total $ 123,378 $ 123,378 $ — $ — $ 123,378 The following table presents the outstanding principal and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2022, and the level of each financial liability within the fair value hierarchy (dollars in thousands): Outstanding Fair Value Level 1 Level 2 Level 3 2026 Notes $ 50,000 $ 50,000 $ — $ — $ 50,000 2032 Convertible Notes 15,000 15,000 — — 15,000 KeyBank Credit Facility 55,937 55,937 — — 55,937 Total $ 120,937 $ 120,937 $ — $ — $ 120,937 |
KeyBank Credit Facility | |
Debt Instrument [Line Items] | |
Summary of Interest and Financing Expenses | The following table summarizes the interest expense, deferred financing costs, unused commitment fees, average outstanding balance, and average stated interest rate on the KeyBank Credit Facility for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense $ 996 $ 28 Deferred financing costs 84 48 Unused commitment fees 19 110 Total interest and financing expenses $ 1,099 $ 186 Average outstanding balance $ 53,219 $ — Average stated interest rate 7.42 % N/A |
2022 Notes | |
Debt Instrument [Line Items] | |
Summary of Interest and Financing Expenses | The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2022 Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense N/A $ 392 Deferred financing costs N/A 27 Total interest and financing expenses N/A $ 419 Average outstanding balance N/A $ 22,833 Average stated interest rate N/A 6.00 % |
2026 Notes | |
Debt Instrument [Line Items] | |
Summary of Interest and Financing Expenses | The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2026 Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense $ 706 $ 705 Deferred financing costs 38 29 Total interest and financing expenses $ 744 $ 734 Average outstanding balance $ 50,000 $ 50,000 Average stated interest rate 5.25 % 5.25 % |
2032 Convertible Notes | |
Debt Instrument [Line Items] | |
Summary of Interest and Financing Expenses | The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2032 Convertible Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Interest expense $ 223 $ — Deferred financing costs 3 — Total interest and financing expenses $ 226 $ — Average outstanding balance $ 15,000 $ — Average stated interest rate 5.25 % N/A |
Earnings (Losses) Per Share (Ta
Earnings (Losses) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share | The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets per share resulting from operations for the three months ended March 31, 2023 and 2022 (dollars in thousands, except share and per share data): For the Three Months Ended March 31, 2023 (1) 2022 (2) Net decrease in net assets resulting from operations - basic and diluted $ ( 650 ) $ ( 858 ) Weighted average common stock outstanding – basic and diluted 2,710,990 2,711,068 Net decrease in net assets per share from operations - basic and diluted $ ( 0.24 ) $ ( 0.32 ) (1) In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2023, conversion of the 2032 Convertible Notes int o 0.5 mil lion shares was not assumed as the effect on diluted earnings per share would be anti-dilutive. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2022 , conversion of the 0.6 million related to the 2022 Convertible Notes was not assumed as the effect on diluted earnings per share would be anti-dilutive |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022 (dollars in thousands, except share and per share data): For the Three Months Ended March 31, 2023 2022 Per share data: Net asset value at beginning of period $ 35.04 $ 39.48 Net investment income (1) 0.40 ( 0.39 ) Net realized loss on investments (1) ( 0.56 ) ( 0.01 ) Net change in unrealized (depreciation) appreciation on investments (1) ( 0.08 ) 0.08 Net decrease in net assets resulting from operations (1) $ ( 0.24 ) $ ( 0.32 ) Distributions ( 0.18 ) — Accretive effect of common stock repurchases (1) 0.01 — Net asset value at end of year $ 34.63 $ 39.16 Net assets at end of period $ 93,833 $ 106,171 Shares outstanding at end of period 2,709,583 2,711,068 Per share market value at end of period $ 20.80 $ 22.57 Total return based on market value (2) ( 6.13 )% ( 1.83 )% Ratio/Supplemental data: Ratio of net investment income (loss) to average net assets (3) 4.61 % ( 4.00 )% Ratio of interest and financing expenses to average net assets (3) 8.89 % 8.32 % Ratio of other operating expenses to average net assets (3) 9.08 % 8.37 % Ratio of total expenses to average net assets (3) 17.97 % 16.69 % Portfolio turnover rate (4) 3.30 % 4.15 % Average debt outstanding (5) $ 118,219 $ 124,921 Average debt outstanding per common share (1) $ 43.61 $ 46.08 Asset coverage ratio per unit (6) $ 1,747 $ 1,843 (1) Based on daily weighted average balance of shares of the Company’s common stock outstanding during the period. (2) Total investment return is calculated assuming a purchase of shares of the Company's common stock at the current market value on the first day and a sale at the current market value on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total investment return does not reflect brokerage commissions. Total investment returns covering less than a full period are not annualized. (3) Ratio is annualized. (4) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Portfolio turnover rates that cover less than a full period are not annualized. (5) Based on the daily weighted average balance of debt outstanding during the period. (6) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness. |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Sep. 24, 2013 | Mar. 31, 2023 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Company incorporated date | Feb. 21, 2013 | ||
Percentage of limited partnership interests acquired | 100% | ||
Shares issued | 8,974,420 | ||
SBA-guaranteed Debentures | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
SBA-guaranteed debentures outstanding | $ 0 | $ 0 | |
IPO | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Sale of shares of common stock | 4,000,000 | ||
Sale of shares of common stock, price per share | $ 20 | ||
Net proceeds from sale of shares of common stock | $ 74,250,000 | ||
Underwriting fees and commissions | 4,000,000 | ||
Offering expenses | $ 1,750,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Portfolio | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Portfolio | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of portfolio companies | Portfolio | 59 | 59 | |
Amortized cost | $ 220,478,000 | $ 220,516,000 | |
Fair value | 203,337,000 | 203,592,000 | |
Probable direct losses to litigation contingencies | $ 0 | 0 | |
Minimum RIC income distribution requirement | 90% | ||
Minimum ordinary income distribution percentage | 98% | ||
Minimum capital gains distribution percentage | 98.20% | ||
Percentage of payment of excise tax on taxable income | 4% | ||
Income tax examination, interest expense | $ 0 | $ 0 | |
Income tax examination. penalties | 0 | 0 | |
Net deferred tax asset | 0 | 0 | |
Tax provision | 0 | 0 | |
Valuation allowance on deferred tax asset | 4,000,000 | 4,000,000 | |
Increase/change in valuation allowance | 0 | $ 0 | |
Uncertain tax positions | $ 0 | $ 0 | |
Debt | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of portfolio companies on non-accrual status | Portfolio | 2 | 1 | |
Percentage of investments in non-accrual status at amortized cost | 6.40% | 5.40% | |
Percentage of investments in non-accrual status at fair value | 4.90% | 4.80% | |
Investment Owned Non-accrual Status | Debt | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortized cost | $ 14,200,000 | $ 11,900,000 | |
Fair value | $ 10,000,000 | 9,700,000 | |
U.S. | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of nondeductible federal excise tax on undistributed income | 4% | ||
Aggregate net unrealized depreciation for federal income tax purposes | $ (18,100,000) | (18,300,000) | |
Gross unrealized appreciation for federal income tax purposes | 12,700,000 | 13,100,000 | |
Gross unrealized depreciation for federal income tax purposes | 30,800,000 | 31,400,000 | |
Aggregate cost of securities for federal income tax purposes | $ 221,400,000 | $ 221,900,000 | |
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of cash dividend on aggregate declared distribution | 20% | ||
Control Investments | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of outstanding voting securities owned | 50% | ||
Control Investments | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of outstanding voting securities owned | 25% | ||
Non-controlled Affiliated Investments | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of outstanding voting securities owned | 5% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Unfunded Commitments to Existing Portfolio Companies (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | $ 10,062 | $ 13,787 |
Accordion Partners LLC | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 1,148 | 1,531 |
Accordion Partners LLC | First Lien/Senior Secured Debt | Delayed-Draw Term Loan | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 498 | 897 |
BetaNXT, Inc. | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 316 | 453 |
Bradshaw International, Inc. | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 922 | 922 |
Critical Nurse Staffing, LLC | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 240 | 700 |
Critical Nurse Staffing, LLC | First Lien/Senior Secured Debt | Delayed-Draw Term Loan | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 2,063 | 2,063 |
Dentive, LLC (Revolver) | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 187 | 187 |
Dentive, LLC (Revolver) | First Lien/Senior Secured Debt | Delayed-Draw Term Loan | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 598 | 598 |
Epic Staffing Group | First Lien/Senior Secured Debt | Delayed-Draw Term Loan | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 872 | 872 |
Great Lakes Funding I I L L C Series A | Joint Venture | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 25 | 80 |
GreenPark Infrastructure, LLC - Series M-1 | Common Stock and Membership Units | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 732 | 732 |
Keg Logistics LLC | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 436 | |
Marble Point Credit Management LLC | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 2,500 | |
Premier Imaging, LLC | First Lien/Senior Secured Debt | Delayed-Draw Term Loan | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 1,378 | 1,378 |
Taoglas Group Holdings Limited | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | 645 | |
Wealth Enhancement Group, LLC | First Lien/Senior Secured Debt | Revolver | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Unfunded Commitments | $ 438 | $ 438 |
Investments and Fair Value Me_3
Investments and Fair Value Measurements - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Portfolio | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Portfolio | |
Summary Of Investment Holdings [Line Items] | |||
Number of portfolio companies | Portfolio | 59 | 59 | |
Fair value | $ 203,337 | $ 203,592 | |
Investment owned percentage of last-out loans of first lien loans | 1.30% | 1.90% | |
Purchase of investments | $ (7,444) | $ (16,393) | |
Repayments and sales of investments | 6,700 | 8,400 | |
Net deployment amount of investment | 700 | 8,000 | |
Net change in unrealized (depreciation) appreciation on investments held | (100) | $ 200 | |
Unfunded commitment to investee | 10,062 | $ 13,787 | |
Great Lakes Funding I I L L C Series A | |||
Summary Of Investment Holdings [Line Items] | |||
Fair value | $ 400 | $ 400 | |
Percentage of voting interest | 50% | ||
Great Lakes Funding I I L L C Series A | Maximum | |||
Summary Of Investment Holdings [Line Items] | |||
Unfunded commitment to investee | $ 100 |
Investments and Fair Value Me_4
Investments and Fair Value Measurements - Summary of Investments at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Summary Of Investment Holdings [Line Items] | ||
Cost | $ 220,478 | $ 220,516 |
Total investments at fair value | $ 203,337 | $ 203,592 |
Investment Type Concentration Risk | Investment Owned at Cost | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 100% | 100% |
Investment Type Concentration Risk | Investment Owned at Fair Value | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 100% | 100% |
First Lien Debt | ||
Summary Of Investment Holdings [Line Items] | ||
Cost | $ 144,304 | $ 143,047 |
Total investments at fair value | $ 137,563 | $ 136,896 |
First Lien Debt | Investment Type Concentration Risk | Investment Owned at Cost | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 65.40% | 64.90% |
First Lien Debt | Investment Type Concentration Risk | Investment Owned at Fair Value | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 67.70% | 67.30% |
Second Lien Debt | ||
Summary Of Investment Holdings [Line Items] | ||
Cost | $ 8,444 | $ 8,283 |
Total investments at fair value | $ 6,775 | $ 6,464 |
Second Lien Debt | Investment Type Concentration Risk | Investment Owned at Cost | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 3.80% | 3.80% |
Second Lien Debt | Investment Type Concentration Risk | Investment Owned at Fair Value | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 3.30% | 3.20% |
Subordinated Debt | ||
Summary Of Investment Holdings [Line Items] | ||
Cost | $ 26,573 | $ 26,571 |
Total investments at fair value | $ 24,696 | $ 25,851 |
Subordinated Debt | Investment Type Concentration Risk | Investment Owned at Cost | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 12.10% | 12% |
Subordinated Debt | Investment Type Concentration Risk | Investment Owned at Fair Value | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 12.10% | 12.70% |
Collateralized Loan Obligations | ||
Summary Of Investment Holdings [Line Items] | ||
Cost | $ 4,622 | $ 6,185 |
Total investments at fair value | $ 4,207 | $ 4,972 |
Collateralized Loan Obligations | Investment Type Concentration Risk | Investment Owned at Cost | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 2.10% | 2.80% |
Collateralized Loan Obligations | Investment Type Concentration Risk | Investment Owned at Fair Value | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 2.10% | 2.40% |
Joint Venture | ||
Summary Of Investment Holdings [Line Items] | ||
Cost | $ 470 | $ 414 |
Total investments at fair value | $ 456 | $ 403 |
Joint Venture | Investment Type Concentration Risk | Investment Owned at Cost | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 0.20% | 0.20% |
Joint Venture | Investment Type Concentration Risk | Investment Owned at Fair Value | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 0.20% | 0.20% |
Equity | ||
Summary Of Investment Holdings [Line Items] | ||
Cost | $ 36,065 | $ 36,016 |
Total investments at fair value | $ 29,640 | $ 29,006 |
Equity | Investment Type Concentration Risk | Investment Owned at Cost | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 16.40% | 16.30% |
Equity | Investment Type Concentration Risk | Investment Owned at Fair Value | ||
Summary Of Investment Holdings [Line Items] | ||
Percentage of total portfolio | 14.60% | 14.20% |
Investments and Fair Value Me_5
Investments and Fair Value Measurements - Summary of Fair Value of Investments by Major Class Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 203,337 | $ 203,592 |
Level 3 | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 202,881 | 203,189 |
NAV | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 456 | 403 |
First Lien Debt | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 137,563 | 136,896 |
First Lien Debt | Level 3 | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 137,563 | 136,896 |
Second Lien Debt | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 6,775 | 6,464 |
Second Lien Debt | Level 3 | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 6,775 | 6,464 |
Subordinated Debt | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 24,696 | 25,851 |
Subordinated Debt | Level 3 | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 24,696 | 25,851 |
Collateralized Loan Obligations | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 4,207 | 4,972 |
Collateralized Loan Obligations | Level 3 | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 4,207 | 4,972 |
Joint Venture | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 456 | 403 |
Joint Venture | NAV | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 456 | 403 |
Equity | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 29,640 | 29,006 |
Equity | Level 3 | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 29,640 | $ 29,006 |
Investments and Fair Value Me_6
Investments and Fair Value Measurements - Summary of Reconciliation of Beginning and Ending Balances for Investments Using Level 3 Inputs (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 203,189 | $ 198,189 |
Repayments/sales | (6,713) | (8,401) |
Purchases | 7,388 | 16,393 |
Payment-in-kind interest and dividends accrued | 464 | 132 |
Accretion of original issue discount | 274 | 399 |
Net realized (loss) gain on investments | (1,506) | (36) |
Net change in unrealized (depreciation) appreciation on investments | (215) | 229 |
Ending balance | 202,881 | 206,905 |
First Lien Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 136,896 | 98,251 |
Repayments/sales | (6,529) | (8,096) |
Purchases | 7,388 | 11,285 |
Payment-in-kind interest and dividends accrued | 268 | |
Accretion of original issue discount | 131 | 60 |
Net realized (loss) gain on investments | 13 | |
Net change in unrealized (depreciation) appreciation on investments | (591) | (850) |
Ending balance | 137,563 | 100,663 |
Second Lien Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 6,464 | 30,190 |
Purchases | 3,086 | |
Payment-in-kind interest and dividends accrued | 145 | 38 |
Accretion of original issue discount | 16 | (5) |
Net change in unrealized (depreciation) appreciation on investments | 150 | (89) |
Ending balance | 6,775 | 33,220 |
Subordinated Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 25,851 | 5,050 |
Purchases | 2,022 | |
Payment-in-kind interest and dividends accrued | 2 | 44 |
Accretion of original issue discount | 1 | |
Net change in unrealized (depreciation) appreciation on investments | (1,157) | (2) |
Ending balance | 24,696 | 7,115 |
Collateralized Loan Obligations | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 4,972 | 7,717 |
Repayments/sales | (97) | (276) |
Accretion of original issue discount | 127 | 343 |
Net realized (loss) gain on investments | (1,593) | |
Net change in unrealized (depreciation) appreciation on investments | 798 | (585) |
Ending balance | 4,207 | 7,199 |
Equity | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 29,006 | 56,981 |
Repayments/sales | (87) | (29) |
Payment-in-kind interest and dividends accrued | 49 | 50 |
Net realized (loss) gain on investments | 87 | (49) |
Net change in unrealized (depreciation) appreciation on investments | 585 | 1,755 |
Ending balance | $ 29,640 | $ 58,708 |
Investments and Fair Value Me_7
Investments and Fair Value Measurements - Summary of Valuation Techniques and Significant Unobservable Inputs used in Recurring Level 3 Fair Value Measurements of Assets (Details) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 203,337 | $ 203,592 |
First Lien Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 137,563 | 136,896 |
Second Lien Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 6,775 | 6,464 |
Subordinated Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 24,696 | 25,851 |
Collateralized Loan Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 4,207 | 4,972 |
Equity | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 29,640 | 29,006 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 202,881 | 203,189 |
Level 3 | First Lien Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 137,563 | 136,896 |
Level 3 | First Lien Debt | Market Approach | Broker/Dealer Quotes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 6,100 | 7,400 |
Level 3 | First Lien Debt | Market Approach | Minimum | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.065 | |
Level 3 | First Lien Debt | Income Approach | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 110,900 | $ 123,500 |
Level 3 | First Lien Debt | Income Approach | Minimum | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.060 | |
Level 3 | First Lien Debt | Income Approach | Maximum [Member] | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.300 | 0.300 |
Level 3 | First Lien Debt | Income Approach | Weighted Average | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.124 | 0.122 |
Level 3 | First Lien Debt | Enterprise Market Value Approach | Revenue Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 6,200 | $ 6,000 |
Range of Input | 0.5 | 0.4 |
Level 3 | First Lien Debt | Enterprise Market Value Approach | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 14,400 | |
Level 3 | First Lien Debt | Enterprise Market Value Approach | Minimum | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 5.5 | |
Level 3 | First Lien Debt | Enterprise Market Value Approach | Maximum [Member] | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 6.8 | |
Level 3 | First Lien Debt | Enterprise Market Value Approach | Weighted Average | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 6.1 | |
Level 3 | Second Lien Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 6,775 | $ 6,464 |
Level 3 | Second Lien Debt | Market Approach | Broker/Dealer Quotes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 2,700 | 2,600 |
Level 3 | Second Lien Debt | Income Approach | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 3,700 | $ 3,400 |
Level 3 | Second Lien Debt | Income Approach | Minimum | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.023 | 0.016 |
Level 3 | Second Lien Debt | Income Approach | Maximum [Member] | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.187 | 0.187 |
Level 3 | Second Lien Debt | Income Approach | Weighted Average | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.164 | 0.161 |
Level 3 | Second Lien Debt | Enterprise Market Value Approach | Revenue Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 400 | |
Range of Input | 4.7 | |
Level 3 | Second Lien Debt | Enterprise Market Value Approach | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 400 | |
Range of Input | 4.7 | |
Level 3 | Subordinated Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 24,696 | $ 25,851 |
Level 3 | Subordinated Debt | Income Approach | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 24,100 | $ 25,900 |
Level 3 | Subordinated Debt | Income Approach | Minimum | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.058 | 0.059 |
Level 3 | Subordinated Debt | Income Approach | Maximum [Member] | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.135 | 0.189 |
Level 3 | Subordinated Debt | Income Approach | Weighted Average | Required Rate of Return | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.119 | 0.104 |
Level 3 | Subordinated Debt | Enterprise Market Value Approach | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 600 | |
Range of Input | 8.5 | |
Level 3 | Collateralized Loan Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 4,207 | $ 4,972 |
Level 3 | Collateralized Loan Obligations | Income Approach | Discount Margin | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 4,200 | $ 5,000 |
Level 3 | Collateralized Loan Obligations | Income Approach | Minimum | Discount Margin | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.215 | 0.215 |
Level 3 | Collateralized Loan Obligations | Income Approach | Maximum [Member] | Discount Margin | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.248 | 0.248 |
Level 3 | Collateralized Loan Obligations | Income Approach | Weighted Average | Discount Margin | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.236 | 0.236 |
Level 3 | Equity | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 29,640 | $ 29,006 |
Level 3 | Equity | Income Approach | Stock Price | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 100 | $ 100 |
Range of Input | 117.3 | 115.8 |
Level 3 | Equity | Income Approach | Time to Exit (Years) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 100 | $ 100 |
Range of Input | 2 | 2 |
Level 3 | Equity | Income Approach | Volatility | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 100 | $ 100 |
Range of Input | 35 | 0.350 |
Level 3 | Equity | Enterprise Market Value Approach | Revenue Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 2,200 | $ 2,700 |
Level 3 | Equity | Enterprise Market Value Approach | Minimum | Revenue Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.5 | 0.3 |
Level 3 | Equity | Enterprise Market Value Approach | Maximum [Member] | Revenue Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 1.1 | 1 |
Level 3 | Equity | Enterprise Market Value Approach | Weighted Average | Revenue Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 1.1 | 0.9 |
Level 3 | Equity | Enterprise Market Value and Asset Approach | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 27,300 | $ 26,200 |
Level 3 | Equity | Enterprise Market Value and Asset Approach | Minimum | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 0.3 | 3.3 |
Level 3 | Equity | Enterprise Market Value and Asset Approach | Maximum [Member] | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 15.8 | 15.8 |
Level 3 | Equity | Enterprise Market Value and Asset Approach | Weighted Average | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of Input | 6.3 | 6.4 |
Investments and Fair Value Me_8
Investments and Fair Value Measurements - Summary of Valuation Techniques and Significant Unobservable Inputs used in Recurring Level 3 Fair Value Measurements of Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 203,337 | $ 203,592 |
Equity | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 29,640 | 29,006 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 202,881 | 203,189 |
Level 3 | Equity | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | 29,640 | 29,006 |
Level 3 | Equity | Asset Approach | EBITDA Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of investments | $ 1,000 | $ 1,000 |
Transactions With Affiliated _3
Transactions With Affiliated Companies - Schedule of Transactions with Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Investment, Identifier [Axis]: Affiliate investments Burgaflex Holdings, LLC | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | $ 4,992 | $ 2,721 | |
Unrealized Appreciation (Depreciation) | [1] | (71) | 2,271 | [2] |
Fair value, ending balance | [1] | 4,921 | 4,992 | [2] |
Investment, Identifier [Axis]: Affiliate investments Burgaflex Holdings, LLC Common Stock Class A (1,253,198 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 2,802 | 1,193 | |
Unrealized Appreciation (Depreciation) | [1] | (54) | 1,609 | [2] |
Fair value, ending balance | [1] | 2,748 | 2,802 | [2] |
Investment, Identifier [Axis]: Affiliate investments Burgaflex Holdings, LLC Common Stock Class B (1,085,073 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 2,190 | 1,528 | |
Unrealized Appreciation (Depreciation) | [1] | (17) | 662 | [2] |
Fair value, ending balance | [1] | 2,173 | 2,190 | [2] |
Investment, Identifier [Axis]: Affiliate investments GA Communications | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1] | 3,562 | ||
Unrealized Appreciation (Depreciation) | [1] | 376 | ||
Fair value, ending balance | [1] | 3,938 | 3,562 | |
Investment, Identifier [Axis]: Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1] | 3,562 | ||
Unrealized Appreciation (Depreciation) | [1] | 376 | ||
Fair value, ending balance | [1] | 3,938 | 3,562 | |
Investment, Identifier [Axis]: Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares) Series B-1 Common Stock (200,000 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 3,562 | 4,394 | |
Unrealized Appreciation (Depreciation) | [1],[2] | (832) | ||
Fair value, ending balance | [1],[2] | 3,562 | ||
Investment, Identifier [Axis]: Affiliate investments GA Communications, Inc. Series B-1 Common Stock (200,000 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 185 | ||
Unrealized Appreciation (Depreciation) | [1],[2] | (185) | ||
Investment, Identifier [Axis]: Affiliate investments GA Communications, Inc. | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 3,562 | 4,579 | |
Unrealized Appreciation (Depreciation) | [1],[2] | (1,017) | ||
Fair value, ending balance | [1],[2] | 3,562 | ||
Investment, Identifier [Axis]: Affiliate investments Great Lakes Funding II LLC | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 14 | 14 | [2] |
Fair value, beginning balance | [1],[2] | 403 | ||
Gross Additions | [1],[4] | 56 | 517 | [2] |
Gross Reductions | [1],[5] | (1) | (103) | [2] |
Unrealized Appreciation (Depreciation) | [1] | (2) | (11) | [2] |
Fair value, ending balance | [1] | 456 | 403 | [2] |
Investment, Identifier [Axis]: Affiliate investments Great Lakes Funding II LLC Series A | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 14 | 14 | [2] |
Fair value, beginning balance | [1],[2] | 403 | ||
Gross Additions | [1],[4] | 56 | 517 | [2] |
Gross Reductions | [1],[5] | (1) | (103) | [2] |
Unrealized Appreciation (Depreciation) | [1] | (2) | (11) | [2] |
Fair value, ending balance | [1] | 456 | 403 | [2] |
Investment, Identifier [Axis]: Affiliate investments GreenPark Infrastructure, LLC | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 269 | ||
Gross Additions | [1],[2],[4] | 269 | ||
Fair value, ending balance | [1] | 269 | 269 | [2] |
Investment, Identifier [Axis]: Affiliate investments GreenPark Infrastructure, LLC Series A (400 Units) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 200 | ||
Gross Additions | [1],[2],[4] | 200 | ||
Fair value, ending balance | [1] | 200 | 200 | [2] |
Investment, Identifier [Axis]: Affiliate investments GreenPark Infrastructure, LLC Series M-1 (200Units) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 69 | ||
Gross Additions | [1],[2],[4] | 69 | ||
Fair value, ending balance | [1] | 69 | 69 | [2] |
Investment, Identifier [Axis]: Affiliate investments LJS Partners, LLC | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 8,007 | ||
Gross Reductions | [1],[2],[5] | (3,333) | ||
Realized Gain/(Loss) | [1],[2] | 1,672 | ||
Unrealized Appreciation (Depreciation) | [1],[2] | (6,346) | ||
Investment, Identifier [Axis]: Affiliate investments LJS Partners, LLC Common Membership Units (2,593,234units) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 7,164 | ||
Gross Reductions | [1],[2],[5] | (2,354) | ||
Realized Gain/(Loss) | [1],[2] | 1,130 | ||
Unrealized Appreciation (Depreciation) | [1],[2] | (5,940) | ||
Investment, Identifier [Axis]: Affiliate investments LJS Partners, LLC Preferred Units (202,336units) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 843 | ||
Gross Reductions | [1],[2],[5] | (979) | ||
Realized Gain/(Loss) | [1],[2] | 542 | ||
Unrealized Appreciation (Depreciation) | [1],[2] | (406) | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 128 | 450 | [2] |
Fair value, beginning balance | [1],[2] | 4,360 | 4,961 | |
Gross Additions | [1],[4] | 43 | 118 | [2] |
Unrealized Appreciation (Depreciation) | [1] | (43) | (719) | [2] |
Fair value, ending balance | [1] | 4,360 | 4,360 | [2] |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Common Membership Units (45units) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 63 | ||
Unrealized Appreciation (Depreciation) | [1],[2] | (63) | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC First Lien Debt (12.0% Cash, Due 4/1/22) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1],[2] | 2,600 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3] | 308 | ||
Fair value, beginning balance | [1],[2] | 2,600 | 2,600 | |
Fair value, ending balance | [1],[2] | 2,600 | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC First Lien Debt (12.00% Cash, Due 4/1/22) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1] | 2,600 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 79 | ||
Fair value, beginning balance | [1] | 2,600 | ||
Fair value, ending balance | [1] | 2,600 | 2,600 | |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Preferred Units (1,000 units, 8.00% PIK Dividend) | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3],[6] | 31 | ||
Fair value, beginning balance | [1],[6] | 1,360 | ||
Gross Additions | [1],[4],[6] | 31 | ||
Unrealized Appreciation (Depreciation) | [1],[6] | (31) | ||
Fair value, ending balance | [1],[6] | 1,360 | 1,360 | |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Preferred Units (1,000units, 8.0% PIK Dividend) | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3],[6] | 118 | ||
Fair value, beginning balance | [1],[2],[6] | 1,360 | 1,898 | |
Gross Additions | [1],[2],[4],[6] | 118 | ||
Unrealized Appreciation (Depreciation) | [1],[2],[6] | (656) | ||
Fair value, ending balance | [1],[2],[6] | 1,360 | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Second Lien Debt (6.0% Cash, Due 4/1/22) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1],[2] | 400 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3] | 24 | ||
Fair value, beginning balance | [1],[2] | 400 | 400 | |
Fair value, ending balance | [1],[2] | 400 | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Second Lien Debt (6.00% Cash, Due 4/1/22) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1] | 400 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 18 | ||
Fair value, beginning balance | [1] | 400 | ||
Gross Additions | [1],[4] | 12 | ||
Unrealized Appreciation (Depreciation) | [1] | (12) | ||
Fair value, ending balance | [1] | 400 | 400 | |
Investment, Identifier [Axis]: Affiliate investments Nth Degree Investment Group, LLC | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 5,320 | ||
Unrealized Appreciation (Depreciation) | [1] | 1,020 | 5,320 | [2] |
Fair value, ending balance | [1] | 6,340 | 5,320 | [2] |
Investment, Identifier [Axis]: Affiliate investments Nth Degree Investment Group, LLC Membership Units (6,088,000units) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 5,320 | ||
Unrealized Appreciation (Depreciation) | [1] | 1,020 | 5,320 | [2] |
Fair value, ending balance | [1] | 6,340 | 5,320 | [2] |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 84 | 442 | [2] |
Fair value, beginning balance | [1],[2] | 6,651 | 7,430 | |
Gross Additions | [1],[4] | 17 | 69 | [2] |
Gross Reductions | [1],[5] | (967) | (218) | [2] |
Unrealized Appreciation (Depreciation) | [1] | (430) | (630) | [2] |
Fair value, ending balance | [1] | 5,271 | 6,651 | [2] |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (12.45% Cash, Due 1/4/24) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1],[2] | 2,547 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3] | 291 | ||
Fair value, beginning balance | [1],[2] | 2,547 | 2,706 | |
Gross Reductions | [1],[2],[5] | (159) | ||
Fair value, ending balance | [1],[2] | 2,547 | ||
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (13.00% Cash, Due 1/4/24) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1] | 1,840 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 60 | ||
Fair value, beginning balance | [1] | 2,547 | ||
Gross Reductions | [1],[5] | (707) | ||
Fair value, ending balance | [1] | 1,840 | 2,547 | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (6.5% Cash (1month LIBOR + 5.0%), 1.5% Floor), Due 1/4/24) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1],[2] | 939 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3] | 82 | ||
Fair value, beginning balance | [1],[2] | 939 | 998 | |
Gross Reductions | [1],[2],[5] | (59) | ||
Fair value, ending balance | [1],[2] | 939 | ||
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (9.66% Cash (1 month LIBOR + 5.00%), 1.50% Floor), Due 1/4/24) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1] | 679 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 7 | ||
Fair value, beginning balance | [1] | 939 | ||
Gross Reductions | [1],[5] | (260) | ||
Fair value, ending balance | [1] | 679 | 939 | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC Preferred Units (86,000 units, 6.00% PIK Dividend) | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3],[6] | 17 | ||
Fair value, beginning balance | [1],[6] | 3,165 | ||
Gross Additions | [1],[4],[6] | 17 | ||
Unrealized Appreciation (Depreciation) | [1],[6] | (430) | ||
Fair value, ending balance | [1],[6] | 2,752 | 3,165 | |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC Preferred Units (86,000units, 6.0% PIK Dividend) | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3],[6] | 69 | ||
Fair value, beginning balance | [1],[2],[6] | 3,165 | 3,726 | |
Gross Additions | [1],[2],[4],[6] | 69 | ||
Unrealized Appreciation (Depreciation) | [1],[2],[6] | (630) | ||
Fair value, ending balance | [1],[2],[6] | 3,165 | ||
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3] | 1 | ||
Fair value, beginning balance | [1],[2] | 258 | 333 | |
Gross Additions | [1],[2],[4] | 1 | ||
Unrealized Appreciation (Depreciation) | [1] | 183 | (76) | [2] |
Fair value, ending balance | [1] | 441 | 258 | [2] |
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (15,068,000shares) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 254 | 330 | |
Unrealized Appreciation (Depreciation) | [1],[2] | (76) | ||
Fair value, ending balance | [1],[2] | 254 | ||
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (27,396,364 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1] | 254 | ||
Unrealized Appreciation (Depreciation) | [1] | 183 | ||
Fair value, ending balance | [1] | 437 | 254 | |
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.0% PIK, Due 9/12/23) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1],[2] | 3 | ||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3] | 1 | ||
Fair value, beginning balance | [1],[2] | 4 | 3 | |
Gross Additions | [1],[2],[4] | 1 | ||
Fair value, ending balance | [1],[2] | 4 | ||
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.00% PIK, Due 9/12/23) | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1] | 4 | ||
Fair value, beginning balance | [1] | 4 | ||
Fair value, ending balance | [1] | 4 | 4 | |
Investment, Identifier [Axis]: Affiliate investments Total Affiliate investments | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[2],[3] | 907 | ||
Fair value, beginning balance | [1],[2] | 26,324 | 28,540 | |
Gross Additions | [1],[2],[4] | 974 | ||
Gross Reductions | [1],[2],[5] | (3,654) | ||
Realized Gain/(Loss) | [1],[2] | 1,672 | ||
Unrealized Appreciation (Depreciation) | [1],[2] | (1,208) | ||
Fair value, ending balance | [1],[2] | 26,324 | ||
Investment, Identifier [Axis]: Affiliate investments V12 Holdings, Inc. | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1],[2] | 509 | 509 | |
Fair value, ending balance | [1] | 509 | 509 | [2] |
Investment, Identifier [Axis]: Affiliate investments V12 Holdings, Inc. Second Lien Debt | ||||
Schedule Of Investments [Line Items] | ||||
Principal Amount | [1] | 509 | 509 | [2] |
Fair value, beginning balance | [1],[2] | 509 | 509 | |
Fair value, ending balance | [1] | 509 | 509 | [2] |
Investment, Identifier [Axis]: Control investments Total Control investments | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 228 | ||
Fair value, beginning balance | [1] | 6,839 | ||
Gross Reductions | [1],[5] | (3,635) | ||
Realized Gain/(Loss) | [1] | (5,215) | ||
Unrealized Appreciation (Depreciation) | [1] | 2,011 | ||
Investment, Identifier [Axis]: Control investments Vology, Inc. Class A Preferred Units (9,041,810Units) | ||||
Schedule Of Investments [Line Items] | ||||
Fair value, beginning balance | [1] | 3,204 | ||
Realized Gain/(Loss) | [1] | (5,215) | ||
Unrealized Appreciation (Depreciation) | [1] | 2,011 | ||
Investment, Identifier [Axis]: Control investments Vology, Inc. First Lien Debt (10.5% Cash (1month LIBOR + 8.5%, 2.0% Floor), Due 3/31/22) | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 228 | ||
Fair value, beginning balance | [1] | 3,635 | ||
Gross Reductions | [1],[5] | (3,635) | ||
Investment, Identifier [Axis]: Total Affiliate investments | ||||
Schedule Of Investments [Line Items] | ||||
Amount of Interest, Fees or Dividends Credited to Income | [1],[3] | 226 | ||
Fair value, beginning balance | [1] | 26,324 | ||
Gross Additions | [1],[4] | 116 | ||
Gross Reductions | [1],[5] | (968) | ||
Unrealized Appreciation (Depreciation) | [1] | 1,033 | ||
Fair value, ending balance | [1] | $ 26,505 | $ 26,324 | |
[1] All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted. During the second quarter of 2022, Eastport Holdings, LLC completed a refinancing and recapitalization transaction. Logan Ridge received $ 16.5 million in cash and $ 19.3 million in principal of a new debt security in exchange for all of its previous debt and equity securities, which resulted in a realized gain of approximately $ 16.0 million on the Company's equity interest. As a result of this transaction, Eastport Holdings, LLC is no longer an affiliate of the Company. Represents the total amount of interest, original issue discount, fees and dividends credited to income for the portion of the year an investment was included in Affiliate or Control categories, respectively. Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK and accretion of original issue discount. Gross additions also include transfers into Affiliate or Control classification. Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification. The equity investment is income producing, based on rate disclosed. |
Transactions With Affiliated _4
Transactions With Affiliated Companies - Schedule of Transactions with Affiliates (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Investment, Identifier [Axis]: Affiliate investments Burgaflex Holdings, LLC Common Stock Class A (1,253,198 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 1,253,198 | 1,253,198 | [2] |
Investment, Identifier [Axis]: Affiliate investments Burgaflex Holdings, LLC Common Stock Class B (1,085,073 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 1,085,073 | 1,085,073 | [2] |
Investment, Identifier [Axis]: Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 1,998 | 1,998 | [2] |
Investment, Identifier [Axis]: Affiliate investments GA Communications, Inc. Series B-1 Common Stock (200,000 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 200,000 | 200,000 | [2] |
Investment, Identifier [Axis]: Affiliate investments GreenPark Infrastructure, LLC Series A (400 Units) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 400 | 400 | [2] |
Investment, Identifier [Axis]: Affiliate investments GreenPark Infrastructure, LLC Series M-1 (200 Units) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 200 | 200 | [2] |
Investment, Identifier [Axis]: Affiliate investments LJS Partners, LLC Common Membership Units (2,593,234 units) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1],[2] | 2,593,234 | ||
Investment, Identifier [Axis]: Affiliate investments LJS Partners, LLC Preferred Units (202,336 units) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1],[2] | 202,336 | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Common Membership Units (45 units) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 45 | 45 | [2] |
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC First Lien Debt (12.0% Cash, Due 4/1/22) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1],[2] | 12% | ||
Maturity | [1],[2] | Apr. 01, 2022 | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC First Lien Debt (12.00% Cash, Due 4/1/22) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1] | 12% | ||
Maturity | [1] | Apr. 01, 2022 | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Preferred Units (1,000 units, 8.00% PIK Dividend) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1],[3] | 1,000 | ||
Interest rate, PIK | [1],[3] | 8% | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Preferred Units (1,000units, 8.0% PIK Dividend) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1],[2],[3] | 1,000 | ||
Interest rate, PIK | [1],[2],[3] | 8% | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Second Lien Debt (6.0% Cash, Due 4/1/22) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1],[2] | 6% | ||
Maturity | [1],[2] | Apr. 01, 2022 | ||
Investment, Identifier [Axis]: Affiliate investments MMI Holdings, LLC Second Lien Debt (6.00% Cash, Due 4/1/22) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1] | 6% | ||
Maturity | [1] | Apr. 01, 2022 | ||
Investment, Identifier [Axis]: Affiliate investments Nth Degree Investment Group, LLC Membership Units (6,088,000 units) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 6,088,000 | 6,088,000 | [2] |
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (12.45% Cash, Due 1/4/24) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1],[2] | 12.45% | ||
Maturity | [1],[2] | Jan. 04, 2024 | ||
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (13.00% Cash, Due 1/4/24) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1] | 13% | ||
Maturity | [1] | Jan. 04, 2024 | ||
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (6.5% Cash (1month LIBOR + 5.0%), 1.5% Floor), Due 1/4/24) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1],[2] | 6.50% | ||
Floor | [1],[2] | 1.50% | ||
Reference rate and spread | [1],[2] | 5% | ||
Basis for effective rate | [1],[2] | 1 month LIBOR + 5.0%), 1.5% Floor | ||
Maturity | [1],[2] | Jan. 04, 2024 | ||
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC First Lien Debt (9.66% Cash (1 month LIBOR + 5.00%), 1.50% Floor), Due 1/4/24) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1] | 9.66% | ||
Floor | [1] | 1.50% | ||
Reference rate and spread | [1] | 5% | ||
Basis for effective rate | [1] | (1 month LIBOR + 5.00%), 1.50% Floor | ||
Maturity | [1] | Jan. 04, 2024 | ||
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC Preferred Units (86,000 units, 6.00% PIK Dividend) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1],[3] | 86,000 | ||
Interest rate, PIK | [1],[3] | 6% | ||
Investment, Identifier [Axis]: Affiliate investments RAM Payment, LLC Preferred Units (86,000units, 6.0% PIK Dividend) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1],[2],[3] | 86,000 | ||
Interest rate, PIK | [1],[2],[3] | 6% | ||
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (15,068,000shares) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1],[2] | 15,068,000 | ||
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (27,396,364 shares) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 27,396,364 | ||
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.0% PIK, Due 9/12/23) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [1],[2] | 15% | ||
Maturity | [1],[2] | Sep. 12, 2023 | ||
Investment, Identifier [Axis]: Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.00% PIK, Due 9/12/23) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [1] | 15% | ||
Maturity | [1] | Sep. 12, 2023 | ||
Investment, Identifier [Axis]: Control investments Vology, Inc. Class A Preferred Units (9,041,810Units) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 9,041,810 | ||
Investment, Identifier [Axis]: Control investments Vology, Inc. First Lien Debt (10.5% Cash (1month LIBOR + 8.5%, 2.0% Floor), Due 3/31/22) | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate | [1] | 10.50% | ||
Floor | [1] | 2% | ||
Reference rate and spread | [1] | 8.50% | ||
Basis for effective rate | [1] | 1 month LIBOR + 8.5%, 2.0% Floor | ||
Maturity | [1] | Mar. 31, 2022 | ||
Investment, Identifier [Axis]: Control investments Vology, Inc. Membership Units (5,363,982Units) | ||||
Schedule Of Investments [Line Items] | ||||
Investments in affiliates, shares/units | [1] | 5,363,982 | ||
Investment, Identifier [Axis]: Eastport Holdings, LLC | ||||
Schedule Of Investments [Line Items] | ||||
Cash proceeds from refinancing and recapitalization transaction | $ 16.5 | |||
Debt principal proceeds from refinancing and recapitalization transaction | 19.3 | |||
Realized gain (loss) from refinancing and recapitalization transaction | $ 16 | |||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% First Lien/Senior Secured Debt - 6.4% MMI Holdings, LLC Medical Device Distributor Interest Rate 12.00% Maturity 04/01/2022 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [4],[5],[6],[7],[8] | Apr. 01, 2022 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% RAM Payment, LLC (First Out) Financial Services Interest Rate 9.12% Reference Rate and Spread L + 5.00% Floor 1.50% Maturity 01/04/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1.50% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Jan. 04, 2024 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% RAM Payment, LLC (Last Out) Financial Services Interest Rate 12.45% Floor 1.50% Maturity 01/04/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10],[11] | 1.50% | ||
Maturity | [4],[5],[6],[7],[8],[9],[11] | Jan. 04, 2024 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% MMI Holdings, LLC Medical Device Distributor Interest Rate 8.00% PIK | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [4],[5],[6],[7],[8],[10],[12] | 8% | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% RAM Payment, LLC Financial Services Interest Rate 6.00% PIK | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [4],[5],[6],[7],[8],[10],[12] | 6% | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/2022 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [4],[5],[6],[7],[8],[10] | Apr. 01, 2022 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services Interest Rate 15.00% PIK Maturity 09/12/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [4],[5],[6],[7],[8],[10],[13] | 15% | ||
Maturity | [4],[5],[6],[7],[8],[13] | Sep. 12, 2023 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% MMI Holdings, LLC Medical Device Distributor Interest Rate 8.00% PIK | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [14],[15],[16],[17],[18],[19],[20] | 8% | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% RAM Payment, LLC Interest Rate 6.00% PIK Financial Services | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [14],[15],[16],[17],[18],[19],[20] | 6% | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/2022 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20] | Apr. 01, 2022 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services Interest Rate 15.00% PIK Maturity 09/12/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [14],[15],[16],[17],[18],[20],[21] | 15% | ||
Maturity | [14],[15],[16],[18],[20],[21] | Sep. 12, 2023 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% MMI Holdings, LLC Medical Device Distributor Interest Rate 12.00% Maturity 04/01/2022 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20] | Apr. 01, 2022 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% RAM Payment, LLC (First Out) Financial Services Interest Rate 9.66% Reference Rate and Spread L + 5.00% Floor 1.50 Maturity 01/04/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22] | 1.50% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Jan. 04, 2024 | ||
Investment, Identifier [Axis]: Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% RAM Payment, LLC (Last Out) Financial Services Interest Rate 13.00% Floor 1.50% Maturity 01/04/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22],[23] | 1.50% | ||
Maturity | [14],[15],[16],[18],[20],[22],[23] | Jan. 04, 2024 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 121.5% First Lien/Senior Secured Debt - 82.5% Heads Up Technologies Industrials Interest Rate 10.14% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Aug. 10, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 24.43% Maturity 07/17/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [4],[5],[6],[7],[8],[24],[25] | Jul. 17, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% JMP Credit Advisors CLO V Ltd. Financials Interest Rate 2.16% Maturity 07/17/2030 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [4],[5],[6],[7],[8],[24],[25] | Jul. 17, 2030 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 10.44% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6.40% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Jul. 22, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AP Core Holdings II, LLC Information Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- One | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Jul. 21, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AP Core Holdings II, LLC Information Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- Two | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Jul. 21, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accordion Partners LLC (Revolver) Industrials Interest Rate Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10],[26] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10],[26] | 6.25% | ||
Maturity | [4],[5],[6],[7],[8],[26] | Aug. 31, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accordion Partners LLC Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10],[26] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10],[26] | 6.25% | ||
Maturity | [4],[5],[6],[7],[8],[9],[26] | Aug. 29, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accurate Background, LLC Information Technology Interest Rate 10.03% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 03/26/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Mar. 26, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Alternative Biomedical Solutions, LLC Healthcare Interest Rate 8.00% Reference Rate and Spread Floor Maturity 12/18/2022 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [4],[5],[6],[7],[8] | Dec. 18, 2022 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% American Academy Holdings, LLC Healthcare Interest Rate 15.38% Reference Rate and Spread L + 4.75%, 6.25% PIK Floor 1.00% Maturity 01/01/2025 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 4.75% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Jan. 01, 2025 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% American Clinical Solutions, LLC Healthcare Interest Rate 11.27% Reference Rate and Spread L + 7.00%, 4.27% PIK Floor Maturity 12/31/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [4],[5],[6],[7],[8],[10] | 7% | ||
Maturity | [4],[5],[6],[7],[8] | Dec. 31, 2024 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Beta Plus Technologies (Revolver) Financials Interest Rate Reference Rate and Spread SOFR + 4.25% Floor Maturity 07/02/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [4],[5],[6],[7],[8],[10],[26] | 4.25% | ||
Maturity | [4],[5],[6],[7],[8],[26] | Jul. 02, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Beta Plus Technologies Financials Interest Rate 8.87% Reference Rate and Spread SOFR + 4.75% Floor Maturity 07/02/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 4.75% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Jul. 02, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10],[26] | 5.75% | ||
Maturity | [4],[5],[6],[7],[8],[26] | Oct. 21, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Bradshaw International, Inc. Consumer Discretionary Interest Rate 10.19% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5.75% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Oct. 21, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% CIMSense Financials Interest Rate 9.92% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/17/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Dec. 17, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10],[26] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[26] | Oct. 30, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Critical Nurse Staffing, LLC Healthcare Interest Rate 10.48% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10],[26] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[9],[26] | Oct. 30, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Datalink, LLC Healthcare Interest Rate 11.48% Reference Rate and Spread L + 6.75% Floor 1.00% Maturity 11/23/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6.75% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Nov. 23, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dentive, LLC (Revolver) Healthcare Interest Rate Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10],[26] | 7% | ||
Maturity | [4],[5],[6],[7],[8],[26] | Dec. 26, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dentive, LLC Healthcare Interest Rate 11.53% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10],[26] | 7% | ||
Maturity | [4],[5],[6],[7],[8],[9],[26] | Dec. 26, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dodge Data & Analytics LLC Information Technology Interest Rate 9.79% Reference Rate and Spread SOFR + 4.75% Floor 1.00% Maturity 02/12/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 4.75% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Feb. 12, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Epic Staffing Group Industrials Interest Rate 10.40% Reference Rate and Spread SOFR + 6.00% Floor Maturity 06/28/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10],[26] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[9],[26] | Jun. 28, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Florida Food Products, LLC Consumer Staples Interest Rate 9.32% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Oct. 18, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Fortis Payment Solutions Financials Interest Rate 9.93% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5.25% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Feb. 13, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Grindr Capital, LLC Information Technology Interest Rate 12.52% Reference Rate and Spread SOFR + 8.00% Floor Maturity 11/14/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 8% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Nov. 14, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% HUMC Opco, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 3% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 8% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Nov. 04, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Hudson Hospital OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 3% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 8% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Nov. 04, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% IJKG OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 3% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 8% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Nov. 04, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% JO ET Holdings Limited Information Technology Interest Rate 17.53% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Dec. 15, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 2% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 7.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | May 01, 2024 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.32% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10],[26] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[26] | Nov. 23, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Keg Logistics LLC Consumer Discretionary Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Nov. 23, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Lucky Bucks, LLC Consumer Discretionary Interest Rate 10.43% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10] | 5.50% | ||
Maturity | [4],[5],[6],[7],[8] | Jul. 21, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Marble Point Credit Management LLC (Revolver) Financials Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 08/11/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10],[26] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[26] | Aug. 11, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Marble Point Credit Management LLC Financials Interest Rate 10.75% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 08/11/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Aug. 11, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Material Handling Systems, Inc. Industrials Interest Rate 10.08% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 06/08/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Jun. 08, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Money Transfer Acquisition Inc. Financials Interest Rate 12.67% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 8.25% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Dec. 14, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Neptune BidCo US Inc. Communication Services Interest Rate 8.82% Reference Rate and Spread SOFR + 5.00% Maturity 04/11/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Apr. 11, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Patriot Pickle, Inc. Consumer Staples Interest Rate 10.16% Reference Rate and Spread SOFR + 5.43% Maturity 04/13/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5.43% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Apr. 13, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Premier Imaging, LLC Healthcare Interest Rate 10.13% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 01/02/2025 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10],[26] | 5.75% | ||
Maturity | [4],[5],[6],[7],[8],[9],[26] | Jan. 02, 2025 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% RN Enterprises, LLC Healthcare Interest Rate 10.78% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/2025 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Dec. 23, 2025 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% STG Logistics Industrials Interest Rate 10.32% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Mar. 24, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [4],[5],[6],[7],[8],[27] | Nov. 04, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Shock Doctor, Inc. Consumer Discretionary Interest Rate 9.37% Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 05/14/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 5% | ||
Maturity | [4],[5],[6],[7],[8],[9] | May 14, 2024 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [4],[5],[6],[7],[8],[9] | Sep. 20, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Symplr Software, Inc. Healthcare Interest Rate 8.69% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 0.75% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 4.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Dec. 22, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10],[26] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10],[26] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[26] | Oct. 02, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Wealth Enhancement Group, LLC Financials Interest Rate 10.00% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10] | 6% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Oct. 02, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [4],[5],[6],[7],[8],[9],[10] | 14.50% | ||
Maturity | [4],[5],[6],[7],[8],[9] | Mar. 01, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 12.94% Reference Rate and Spread L + 8.50% Floor 0.50% Maturity 08/28/2025 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[9],[10],[28] | 0.50% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[9],[10],[28] | 8.50% | ||
Maturity | [4],[5],[6],[7],[8],[9],[28] | Aug. 28, 2025 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% Ivanti Software, Inc. Information Technology Interest Rate 12.01% Reference Rate and Spread L + 7.25% Floor 0.50% Maturity 12/01/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10] | 0.50% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10] | 7.25% | ||
Maturity | [4],[5],[6],[7],[8] | Dec. 01, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Eastport Holdings, LLC Business Services Interest Rate 13.17% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [4],[5],[6],[7],[8],[10] | 1% | ||
Reference rate and spread | [4],[5],[6],[7],[8],[10] | 8.50% | ||
Maturity | [4],[5],[6],[7],[8] | Sep. 29, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Lucky Bucks, LLC Consumer Discretionary Interest Rate 12.50% PIK Maturity 05/29/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [4],[5],[6],[7],[8],[10] | 12.50% | ||
Maturity | [4],[5],[6],[7],[8] | May 29, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [4],[5],[6],[7],[8] | Oct. 29, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 11.06% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 6.40% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Jul. 22, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AP Core Holdings II, LLC Information Technology Interest Rate 10.34% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Jul. 21, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AP Core Holdings II, LLC Two Information Technology Interest Rate 10.34% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- Two | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Jul. 21, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Accordion Partners LLC Industrials Interest Rate 11.17% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22],[29] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22],[29] | 6.25% | ||
Maturity | [14],[15],[16],[18],[20],[22],[29] | Aug. 29, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Accurate Background, LLC Information Technology Interest Rate 11.16% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 03/26/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 6% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Mar. 26, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Alternative Biomedical Solutions, LLC Healthcare Interest Rate 8.00% Maturity 06/30/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20] | Jun. 30, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% American Academy Holdings, LLC Interest Rate 15.84% Reference Rate and Spread L + 5.75%, 5.25% PIK Floor 1.00% Maturity 01/01/2025 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.75% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Jan. 01, 2025 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% BetaNXT, Inc. (Revolver) Financials Interest Rate 9.15% Reference Rate and Spread SOFR + 4.25% Floor Maturity 07/01/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[29] | 4.25% | ||
Maturity | [14],[15],[16],[18],[20],[29] | Jul. 01, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% BetaNXT, Inc. Financials Interest Rate 10.42% Reference Rate and Spread SOFR + 5.75% Floor Maturity 07/01/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.75% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Jul. 01, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Bradshaw International, Inc. Consumer Discretionary Interest Rate 10.63% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.75% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Oct. 21, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% CIMSense Financials Interest Rate 10.54% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/17/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Dec. 17, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.95% Reference Rate and Spread L + 6.00% Floor Maturity 10/30/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[29] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[29] | 6% | ||
Maturity | [14],[15],[16],[18],[20],[29] | Oct. 30, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Critical Nurse Staffing, LLC Healthcare Interest Rate 10.80% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22],[29] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22],[29] | 6% | ||
Maturity | [14],[15],[16],[18],[20],[22],[29] | Oct. 30, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Datalink, LLC Healthcare Interest Rate 11.80% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 6.75% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Nov. 23, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dentive, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/23/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[29],[30] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[29],[30] | 7% | ||
Maturity | [14],[15],[16],[18],[20],[29],[30] | Dec. 23, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dentive, LLC Healthcare Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 7% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Dec. 26, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dodge Data & Analytics LLC Information Technology Interest Rate 9.79% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/12/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 0.50% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 4.75% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Feb. 12, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Epic Staffing Group Industrials Interest Rate 10.64% Reference Rate and Spread SOFR + 5.75% Maturity 06/28/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22],[29] | 5.75% | ||
Maturity | [14],[15],[16],[18],[20],[22],[29] | Jun. 28, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Florida Food Products, LLC Consumer Staples Interest Rate 9.81% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Oct. 18, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Fortis Payment Solutions Financials Interest Rate 10.25% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.25% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Feb. 13, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Grindr Capital, LLC Information Technology Interest Rate 13.02% Reference Rate and Spread SOFR + 8.00% Maturity 11/15/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 8% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Nov. 15, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% HUMC Opco, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 3% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 8% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Nov. 04, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Heads Up Technologies Industrials Interest Rate 10.55% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Aug. 10, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Hudson Hospital OpCo, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 3% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 8% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Nov. 04, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% IJKG OpCo, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 3% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 8% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Nov. 04, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% JO ET Holdings Limited Information Technology Interest Rate 18.03% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 6% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Dec. 15, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 2% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 7.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | May 01, 2024 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.91% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20] | 6% | ||
Maturity | [14],[15],[16],[18],[20] | Nov. 23, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Keg Logistics LLC Consumer Discretionary Interest Rate 10.93% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 6% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Nov. 23, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Lucky Bucks, LLC Consumer Discretionary Interest Rate 10.43% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20] | 5.50% | ||
Maturity | [14],[15],[16],[18],[20] | Jul. 21, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Material Handling Systems, Inc. Industrials Interest Rate 12.37% Reference Rate and Spread P + 4.56% Floor 1.00% Maturity 06/08/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 4.56% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Jun. 08, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Money Transfer Acquisition Inc. Financials Interest Rate 13.16% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 8.25% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Dec. 14, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Neptune BidCo US Inc. Communication Services Interest Rate 9.74% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22],[30] | 0.50% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Apr. 11, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Patriot Pickle, Inc. Consumer Staples Interest Rate 9.55% Reference Rate and Spread SOFR + 4.50% Maturity 04/13/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 4.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Apr. 13, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Premier Imaging, LLC Healthcare Interest Rate 10.84% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 01/02/2025 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22],[29] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22],[29] | 6% | ||
Maturity | [14],[15],[16],[18],[20],[22],[29] | Jan. 02, 2025 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% RN Enterprises, LLC Healthcare Interest Rate 11.32% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/2025 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 6.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Dec. 23, 2025 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% STG Logistics Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 6% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Mar. 24, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/2023 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20],[31] | Nov. 04, 2023 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Shock Doctor, Inc. Consumer Discretionary Interest Rate 10.20% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 05/14/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 5.25% | ||
Maturity | [14],[15],[16],[18],[20],[22] | May 14, 2024 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20] | Sep. 20, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Symplr Software, Inc. Healthcare Interest Rate 9.28% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 4.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Dec. 22, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Taoglas Group Holdings Limited (Revolver) Information Technology Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 02/28/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[30] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[30] | 7% | ||
Maturity | [14],[15],[16],[18],[20],[30] | Feb. 28, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Taoglas Group Holdings Limited Information Technology Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 02/28/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 7% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Feb. 28, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[29],[30] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[29],[30] | 6% | ||
Maturity | [14],[15],[16],[18],[20],[29],[30] | Oct. 02, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Wealth Enhancement Group, LLC Financials Interest Rate 10.89% Reference Rate and Spread SOFR + 6.01% Floor 1.00% Maturity 10/02/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 6.01% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Oct. 02, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt – 141.1% Accordion Partners LLC (Revolver) Industrials Reference Rate 11.06% and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[29] | 0.75% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[29] | 6.25% | ||
Maturity | [14],[15],[16],[18],[20],[29] | Aug. 31, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Interest rate, PIK | [14],[15],[16],[17],[18],[20] | 14.50% | ||
Maturity | [14],[15],[16],[18],[20] | Mar. 01, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 13.17% Reference Rate and Spread L + 8.50% Floor 0.50% Maturity 08/28/2025 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22],[32] | 1.50% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22],[32] | 8.50% | ||
Maturity | [14],[15],[16],[18],[20],[22],[32] | Aug. 28, 2025 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% Ivanti Software, Inc. Information Technology Interest Rate 12.21% Reference Rate and Spread L + 7.25% Floor 0.50% Maturity 12/01/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20] | 0.50% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20] | 7.25% | ||
Maturity | [14],[15],[16],[18],[20] | Dec. 01, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Eastport Holdings, LLC Business Services Interest Rate 13.67% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[18],[20],[22] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[22] | 8.50% | ||
Maturity | [14],[15],[16],[18],[20],[22] | Sep. 29, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/2028 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20],[31] | May 29, 2028 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/2027 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20] | Oct. 29, 2027 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies - 200.9% First Lien/Senior Secured Debt - 148.2% Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/2026 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20],[29],[30] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20],[29],[30] | 5.75% | ||
Maturity | [14],[15],[16],[18],[20],[29],[30] | Oct. 21, 2026 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 5.47% Maturity 07/17/2029 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20],[33],[34] | Jul. 17, 2029 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% JMP Credit Advisors CLO V Ltd. Financials Interest Rate 27.49% Maturity 07/17/2030 | ||||
Schedule Of Investments [Line Items] | ||||
Maturity | [14],[15],[16],[18],[20],[33],[34] | Jul. 17, 2030 | ||
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% First Lien/Senior Secured Debt - 141.1% American Clinical Solutions, LLC Healthcare Interest Rate 11.81% Reference Rate and Spread L + 7.00%, 4.81% PIK Floor 1.00% Maturity 12/31/2024 | ||||
Schedule Of Investments [Line Items] | ||||
Floor | [14],[15],[16],[17],[18],[20] | 1% | ||
Reference rate and spread | [14],[15],[16],[17],[18],[20] | 7% | ||
Maturity | [14],[15],[16],[18],[20] | Dec. 31, 2024 | ||
[1] All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted. During the second quarter of 2022, Eastport Holdings, LLC completed a refinancing and recapitalization transaction. Logan Ridge received $ 16.5 million in cash and $ 19.3 million in principal of a new debt security in exchange for all of its previous debt and equity securities, which resulted in a realized gain of approximately $ 16.0 million on the Company's equity interest. As a result of this transaction, Eastport Holdings, LLC is no longer an affiliate of the Company. The equity investment is income producing, based on rate disclosed. All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted. All investments valued using unobservable inputs (Level 3), unless otherwise noted. Percentages are based on net assets as of December 31, 2022 . The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”). All or a portion of this security is pledged as collateral under the KeyBank Credit Facility and held through the Company's wholly-owned subsidiary Capitala Business Lending, LLC. Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to either LIBOR ("L"), SOFR, or alternate base rate (unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 6 month, 3 month, or 1 month L rates. SOFR loans are typically indexed to 6 month, 3 month, or 1 month SOFR rates. As of December 31, 2022 , rates for the 6 month, 3 month, and 1 month L are 5.14 %, 4.77 % and 4.39 %, respectively. As of December 31, 2022 , rates for the 6 month, 3 month, and 1 month SOFR are 4.78 %, 4.59 % and 4.36 %, respectively. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022 . The cash rate equals the approximate current yield on our last-out portion of the unitranche facility. The equity investment is income producing, based on rate disclosed. 15.0 % interest rate payable in cash or paid-in-kind at borrower's election. All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted. All investments valued using unobservable inputs (Level 3), unless otherwise noted. Percentages are based on net assets as of March 31, 2023 . Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to either LIBOR (“L ”), SOFR or alternate base rate (commonly known as the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 6 month, 3 month, or 1 month L rates. SOFR loans are typically indexed to 6 month, 3 month, or 1 month SOFR rates. As of March 31, 2023, rates for the 6 month, 3 month, and 1 month L are 5.31 % , 5.19 % , and 4.86 % , respectively. As of March 31, 2023 , rates for the 12 months, 6 month, 3 month and 1 month SOFR are 4.73 %, 4.90 % , 4.91 % , and 4.80 % , respectively. As of March 31, 2023 , P was 8.00 %. For i nvestments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2023 . The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act ”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. The equity investment is income producing, based on rate disclosed. The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Investment Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board ” ). 15.0% of interest rate payable in cash or paid-in-kind at borrower's election. All or a portion of this security is pledged as collateral under the KeyBank Credit Facility and held through the Company's wholly-owned subsidiary Capitala Business Lending, LLC. The cash rate equals the approximate current yield on our last-out portion of the unitranche facility. Collateralized loan obligations ("CLO" or "CLO's") are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively. The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70 % of our total assets. As of December 31, 2022 , qualifying assets represent 97.5 % of the Company’s total assets and non-qualifying assets represent 2.5 % of the Company’s total assets. The Company has an unfunded loan or investment commitment to the portfolio company at December 31, 2022 . (See Note 2). Non-accrual investment. 1.0 % interest rate payable in cash. 9.0 % interest rate payable in cash or paid-in-kind at borrower's election. The Company has an unfunded loan or investment commitment to the portfolio company at March 31, 2023 . (See Note 2). The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. Non-accrual investment. 1.0% of interest rate payable in cash. The remainder of interest rate payable is either in cash or paid-in-kind at borrower's election. Collateralized loan obligations (“CLO ” or “CLO's” ) are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively. The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70 % of our total assets. As of March 31, 2023 , qualifying assets represent 97.8 % of the Company’s total assets and non-qualifying assets represent 2.2 % of the Company’s total assets. |
Agreements and Related Party _2
Agreements and Related Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Base management fee | $ 930,000 | $ 1,027,000 | |
Advisory Agreement | |||
Related Party Transaction [Line Items] | |||
Management Fee, Description | The base management fee is calculated at an annual rate of 1.75% of the gross assets, which are the total assets reflected on the consolidated statements of assets and liabilities and includes any borrowings for investment purposes. Although the Company does not anticipate making significant investments in derivative financial instruments, the fair value of any such investments, which will not necessarily equal their notional value, will be included in the calculation of gross assets. For services rendered under the Investment Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. | ||
Base management fee annual rate percentage | 1.75% | ||
Percentage of quarterly hurdle rate | 2% | ||
Percentage of annual hurdle rate | 8% | ||
Investment Advisory Agreement | |||
Related Party Transaction [Line Items] | |||
Percentage of cumulative realized capital gains | 20% | ||
Incentive fees payable | $ 0 | $ 0 | |
Fee waiver terms | Investment Adviser entered into a two-year contractual fee waiver (the “Fee Waiver”) with the Company to waive, to the extent necessary, any capital gains fee under the Investment Advisory Agreement that exceeds what would have been paid to Capitala in the aggregate over such two-year period under the prior advisory agreement. | ||
Base management fee | $ 900,000 | 1,000,000 | |
Incentive fee | 0 | 0 | |
Management and incentive fee payable | $ 900,000 | $ 900,000 | |
Investment Advisory Agreement | Minimum | |||
Related Party Transaction [Line Items] | |||
Percentage of defer cash payment of incentive fee | 20% | ||
Investment Advisory Agreement | Condition One | |||
Related Party Transaction [Line Items] | |||
Percentage of pre-incentive fee net investment income | 100% | ||
Annual threshold percentage | 10% | ||
Catch-up percentage | 20% | ||
Investment Advisory Agreement | Condition One | Maximum | |||
Related Party Transaction [Line Items] | |||
Quarterly threshold percentage | 2.50% | ||
Quarterly catch-up threshold percentage | 2.50% | ||
Investment Advisory Agreement | Condition One | Minimum | |||
Related Party Transaction [Line Items] | |||
Quarterly catch-up threshold percentage | 2.50% | ||
Investment Advisory Agreement | Condition Two | |||
Related Party Transaction [Line Items] | |||
Percentage of pre-incentive fee net investment income | 20% | ||
Investment Advisory Agreement | Condition Two | Minimum | |||
Related Party Transaction [Line Items] | |||
Quarterly threshold percentage | 2.50% | ||
Annual threshold percentage | 10% | ||
Administration Agreement | |||
Related Party Transaction [Line Items] | |||
Accrued administrative overhead | $ 300,000 | $ 100,000 |
Borrowings - 2022 Notes - Addit
Borrowings - 2022 Notes - Additional Information (Details) - 2022 Notes - USD ($) | 3 Months Ended | |||||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Nov. 01, 2021 | May 25, 2017 | May 16, 2017 | |
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 25 | $ 50,000,000 | $ 5,000,000 | |||
Interest rate | 6% | |||||
Debt instrument, issuance date | May 25, 2017 | |||||
Debt instrument, redemption start date | Nov. 01, 2021 | |||||
Debt instrument, redemption end date | Dec. 06, 2021 | |||||
Maturity date | May 31, 2022 | |||||
Notes outstanding | $ 0 | $ 0 | ||||
Percentage of outstanding principal amount | 100% | |||||
Redemption Period | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption end date | May 31, 2019 | |||||
6.0% Fixed-rate Notes Due May 31, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 70,000,000 | |||||
Interest rate | 6% | |||||
Debt instrument, issuance date | May 16, 2017 |
Borrowings - Summary of Interes
Borrowings - Summary of Interest and Financing Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Apr. 01, 2022 | Oct. 29, 2021 | ||
Debt Instrument [Line Items] | |||||
Total interest and financing expenses | $ 2,069 | $ 2,188 | |||
Average outstanding balance | [1] | 118,219 | 124,921 | ||
2022 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest expense | 392 | ||||
Deferred financing costs | 27 | ||||
Total interest and financing expenses | 419 | ||||
Average outstanding balance | $ 22,833 | ||||
Average stated interest rate | 6% | ||||
2022 Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Interest expense | $ 749 | ||||
Deferred financing costs | 100 | ||||
Total interest and financing expenses | 849 | ||||
Average outstanding balance | $ 52,088 | ||||
Average stated interest rate | 5.75% | ||||
2026 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest expense | 706 | $ 705 | |||
Deferred financing costs | 38 | 29 | |||
Total interest and financing expenses | 744 | 734 | |||
Average outstanding balance | $ 50,000 | $ 50,000 | |||
Average stated interest rate | 5.25% | 5.25% | 5.25% | ||
2032 Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Interest expense | $ 223 | ||||
Deferred financing costs | 3 | ||||
Total interest and financing expenses | 226 | ||||
Average outstanding balance | $ 15,000 | ||||
Average stated interest rate | 5.25% | 5.25% | |||
KeyBank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Interest expense | $ 996 | $ 28 | |||
Deferred financing costs | 84 | 48 | |||
Unused commitment fees | 19 | 110 | |||
Total interest and financing expenses | 1,099 | $ 186 | |||
Average outstanding balance | $ 53,219 | ||||
Average stated interest rate | 7.42% | ||||
[1] Based on the daily weighted average balance of debt outstanding during the period. |
Borrowings - 2022 Convertible N
Borrowings - 2022 Convertible Notes - Additional Information (Details) - 2022 Convertible Notes - USD ($) | 3 Months Ended | |||||
May 26, 2017 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Aug. 21, 2020 | Jun. 26, 2017 | |
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 25 | $ 2,100,000 | ||||
Interest rate | 5.75% | |||||
Debt instrument, issuance date | Jun. 26, 2017 | |||||
Maturity date | May 31, 2022 | |||||
Conversion description | The 2022 Convertible Notes were convertible, at the holder’s option, into shares of the Company’s common stock at any time on or prior to the close of business on the business day immediately preceding the maturity date. The conversion rate for the 2022 Convertible Notes was initially 1.5913 shares per $25.00 principal amount of 2022 Convertible Notes (equivalent to an initial conversion price of approximately $15.71 per share of common stock). The initial conversion premium was approximately 14.0%. As a result of the reverse stock split, the conversion rate for the 2022 Convertible Notes was 0.2652 shares per $25.00 principal amount of 2022 Convertible Notes (equivalent to a conversion price of approximately $94.26), effective August 21, 2020. Upon conversion, the Company was obligated to deliver shares of its common stock (and cash in lieu of fractional shares). The conversion rate was subject to adjustment if certain events occurred as outlined in the supplemental indenture relating to the 2022 Convertible Notes. The Company determined that the embedded conversion option in the 2022 Convertible Notes was not required to be separately accounted for as a derivative under U.S. GAAP. | |||||
Notes outstanding | $ 0 | $ 0 | ||||
Conversion rate of notes per shares | 1.5913 | |||||
Conversion price | $ 15.71 | $ 94.26 | ||||
Percentage of initial conversion premium | 14% | |||||
Conversion rate of notes per shares | 0.2652 | |||||
Conversion date | Aug. 21, 2020 | |||||
Percentage of outstanding principal amount | 100% | |||||
Debt instrument, Sinking fund | $ 0 | |||||
5.75% Fixed-rate Convertible Notes Due May 31, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 50,000,000 | |||||
Interest rate | 5.75% | |||||
Debt instrument, issuance date | May 26, 2017 |
Borrowings - 2026 Notes - Addit
Borrowings - 2026 Notes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Oct. 29, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||
2026 Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.25% | 5.25% | 5.25% | |
Debt Instrument, Payment Terms | April 30 and October 30 of each year | |||
Maturity date | Oct. 30, 2026 | |||
Debt Instrument Interest Rate Terms | The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022. | |||
Debt instrument, indenture date | Jun. 16, 2014 | |||
Proceeds from issuance of debt | $ 48.8 | |||
Debt instrument, Maturity start date | Apr. 30, 2022 | |||
Notes outstanding | $ 50 | $ 50 | ||
2026 Notes | 5.25% Fixed-rate Notes Due October 30, 2026 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 50 | |||
Interest rate | 5.25% | |||
Debt instrument, issuance date | Oct. 29, 2021 |
Borrowings - 2032 Convertible N
Borrowings - 2032 Convertible Notes - Additional Information (Details) - 2032 Convertible Notes | 3 Months Ended | ||
Apr. 01, 2022 USD ($) shares | Mar. 31, 2023 USD ($) Days | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Average stated interest rate | 5.25% | 5.25% | |
Maturity date | Apr. 01, 2032 | ||
Debt instrument, interest rate terms | The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default. | ||
Interest rate payable commencement date | Sep. 30, 2022 | ||
Step up interest rate per annum to extend that convertible notes downgraded below investment grade or no longer maintain rating from an NRSRO | 0.75% | ||
Additional interest rate percentage per annum on overdue payment of interest and during continuance of an event of default | 2% | ||
Debt instrument, repurchase price percentage | 100% | ||
Sinking fund description | No “sinking fund” is provided for the 2032 Convertible Notes | ||
Convertible notes outstanding | $ 15,000,000 | $ 15,000,000 | |
Purchase Agreement | |||
Debt Instrument [Line Items] | |||
Conversion description | The 2032 Convertible Notes are convertible, at the holder’s option and at any time on or prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of the Company’s common stock as is equal to the principal balance of the notes being converted on such date divided by the “Conversion Price,” as described below. The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. The “Conversion Price” will be equal to the average “Closing Sale Price” for the five “Trading Days” immediately prior to the relevant “Conversion Date,” as those terms are defined in the Purchase Agreement, subject to certain anti-dilutive provisions, as further described in the Purchase Agreement. No holder of a 2032 Convertible Note will be entitled to convert any such note or portion thereof if such conversion would result in more than $7,500,000 in principal amount of 2032 Convertible Notes being converted in any such calendar quarter. The Company has determined that the embedded conversion option in the 2032 Convertible Notes is not required to be separately accounted for as a derivative under U.S. GAAP. | ||
Maximum number of shares issuable under purchase agreement | shares | 539,503 | ||
Number of trading days | Days | 5 | ||
Principal amount basis | $ 7,500,000 | ||
5.25% Fixed-rate Convertible Notes Due April 1, 2032 | |||
Debt Instrument [Line Items] | |||
Debt instrument, issuance date | Apr. 01, 2022 | ||
Aggregate principal amount | $ 15,000,000 | ||
Average stated interest rate | 5.25% |
Borrowings - KeyBank Credit Fac
Borrowings - KeyBank Credit Facility - Additional Information (Details) - USD ($) | 3 Months Ended | ||
May 10, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Borrowings under Key bank credit facility | $ 57,140,000 | $ 54,615,000 | |
1M Term SOFR | Capitala Business Lending, LLC | |||
Debt Instrument [Line Items] | |||
Interest rate description | 1M Term SOFR plus | ||
KeyBank Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest rate | 7.42% | ||
KeyBank Credit Facility | Capitala Business Lending, LLC | |||
Debt Instrument [Line Items] | |||
Agreement date | Oct. 30, 2020 | ||
Aggregate principal amount | $ 75,000,000 | ||
Additional maximum borrowing capacity | $ 125,000,000 | ||
Maturity date | May 10, 2027 | ||
Payment terms | The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. | ||
Interest rate description | The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. | ||
Revolving period | 3 years | ||
Commitment fee description | CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. | ||
Unused commitment fee percentage if utilization is less than or equal to 30.0% | 1% | ||
Unused commitment fee percentage if utilization is greater than 30.0% but less than or equal to 60.0% | 0.65% | ||
Unused commitment fee percentage if utilization is greater than 60.0% | 0.35% | ||
Borrowings under Key bank credit facility | $ 58,400,000 | 55,900,000 | |
Collateral pledge, fair value | $ 125,500,000 | $ 111,300,000 | |
KeyBank Credit Facility | 1M Term SOFR | Capitala Business Lending, LLC | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.90% | ||
KeyBank Credit Facility | Thereafter | Capitala Business Lending, LLC | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.25% | ||
KeyBank Credit Facility | 1M Term SOFR Floor | Capitala Business Lending, LLC | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.40% |
Borrowings - Schedule of Outsta
Borrowings - Schedule of Outstanding Principal and Fair Value of Financial liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 123,378 | $ 120,937 |
Fair Value | 123,378 | 120,937 |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 50,000 | 50,000 |
Fair Value | 50,000 | 50,000 |
2032 Convertible Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 15,000 | 15,000 |
Fair Value | 15,000 | 15,000 |
Level 3 | ||
Debt Instrument [Line Items] | ||
Fair Value | 123,378 | 120,937 |
Level 3 | 2026 Notes | ||
Debt Instrument [Line Items] | ||
Fair Value | 50,000 | 50,000 |
Level 3 | 2032 Convertible Notes | ||
Debt Instrument [Line Items] | ||
Fair Value | 15,000 | 15,000 |
KeyBank Credit Facility | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 58,378 | 55,937 |
Fair Value | 58,378 | 55,937 |
KeyBank Credit Facility | Level 3 | ||
Debt Instrument [Line Items] | ||
Fair Value | $ 58,378 | $ 55,937 |
Directors' Fees - Additional In
Directors' Fees - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Directors Fees [Line Items] | ||
Directors' expense | $ 135,000 | $ 103,000 |
Compensation expected to be paid to directors who are interested persons | 0 | |
Independent Directors | ||
Directors Fees [Line Items] | ||
Annual fees | 50,000 | |
Amount received plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending board meeting | 5,000 | |
Amount received plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting | 5,000 | |
Chairman | ||
Directors Fees [Line Items] | ||
Annual fees | 10,000 | |
Chairman of Any Other Committee | ||
Directors Fees [Line Items] | ||
Annual fees | $ 5,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 06, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||||
Termination date of share repurchase program | Mar. 31, 2024 | |||
Stock repurchases, value | $ 34,000 | |||
Common stock issued under DRIP | 140 | |||
Dividends payable | $ 0 | |||
Shares outstanding at end of period | 2,709,583 | 2,711,068 | 2,711,068 | |
New Share Repurchase Program | ||||
Class Of Stock [Line Items] | ||||
Stock repurchases, shares | 1,625 | 0 | ||
Stock repurchases, value | $ 34,000 | |||
New Share Repurchase Program | Maximum [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 5,000,000 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - Convertible Notes - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
2022 Convertible Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 0.6 |
2032 Convertible Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0.5 | 0 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Earnings Per Share [Abstract] | ||||
Net decrease in net assets resulting from operations - basic and diluted | $ (650) | [1] | $ (858) | [2] |
Weighted average common stock outstanding - basic | 2,710,990 | [1] | 2,711,068 | [2] |
Weighted average common stock outstanding - diluted | 2,710,990 | [1] | 2,711,068 | [2] |
Net decrease in net assets per share from operations - basic | $ (0.24) | [1] | $ (0.32) | [2] |
Net decrease in net assets per share from operations - diluted | $ (0.24) | $ (0.32) | ||
[1] In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2023, conversion of the 2032 Convertible Notes int o 0.5 mil lion shares was not assumed as the effect on diluted earnings per share would be anti-dilutive. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2022 , conversion of the 0.6 million related to the 2022 Convertible Notes was not assumed as the effect on diluted earnings per share would be anti-dilutive |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share (Parenthetical) (Details) - Convertible Notes - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
2032 Convertible Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0.5 | 0 |
2022 Convertible Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 0.6 |
Distributions - Additional Info
Distributions - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Distributions [Abstract] | ||
Distributions, per share | $ 0.18 | $ 0 |
Distribution payable, date of record | Mar. 20, 2023 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Investment Company Financial Highlights Roll Forward | |||||
Par Value | $ 35.04 | $ 39.48 | |||
Net investment income | [1] | 0.40 | (0.39) | ||
Net realized loss on investments | [1] | (0.56) | (0.01) | ||
Net change in unrealized (depreciation) appreciation on investments | [1] | (0.08) | 0.08 | ||
Net decrease in net assets resulting from operations | [1] | (0.24) | (0.32) | ||
Distributions | 0.18 | ||||
Accretive effect of common stock repurchases | [1] | 0.01 | |||
Par Value | $ 34.63 | $ 39.16 | |||
Net assets at end of period | $ 93,833,000 | $ 106,171,000 | $ 95,005,000 | $ 107,029,000 | |
Shares outstanding at end of period | 2,709,583 | 2,711,068 | 2,711,068 | ||
Per share market value at end of period | $ 20.80 | $ 22.57 | |||
Total return based on market value | [2] | (6.13%) | (1.83%) | ||
Ratio of net investment income (loss) to average net assets | [3] | 4.61% | (4.00%) | ||
Ratio of interest and financing expenses to average net assets | [3] | 8.89% | 8.32% | ||
Ratio of other operating expenses to average net assets | [3] | 9.08% | 8.37% | ||
Ratio of total expenses to average net assets | [3] | 17.97% | 16.69% | ||
Portfolio turnover rate | [4] | 3.30% | 4.15% | ||
Average debt outstanding | [5] | $ 118,219,000 | $ 124,921,000 | ||
Average debt outstanding per common share | [1] | $ 43.61 | $ 46.08 | ||
Asset coverage ratio per unit | [6] | $ 1,747 | $ 1,843 | ||
[1] Based on daily weighted average balance of shares of the Company’s common stock outstanding during the period. Total investment return is calculated assuming a purchase of shares of the Company's common stock at the current market value on the first day and a sale at the current market value on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total investment return does not reflect brokerage commissions. Total investment returns covering less than a full period are not annualized. Ratio is annualized. Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Portfolio turnover rates that cover less than a full period are not annualized. Based on the daily weighted average balance of debt outstanding during the period. Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness. |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Investment Company Financial Highlights [Abstract] | |
Asset coverage per unit measure per dollar | $ 1,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | 3 Months Ended | ||
May 09, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||
Distributions, per share | $ 0.18 | $ 0 | |
Distribution payable, date of record | Mar. 20, 2023 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Distributions, per share | $ 0.22 | ||
Distribution payable, date declared | May 09, 2023 | ||
Distribution payable, date of record | May 22, 2023 | ||
Distribution payable, date to be paid | May 31, 2023 |